News for hackers. Stuff that matters.
Re:RISC-V Foundation moving to Switzerland over trade curb f... by juskrey on Tuesday November 26, 2019 @05:35AM (#21637082)
US have already pressured Swiss to remove bank secrecy, which is kinda a big deal.
Re:RISC-V Foundation moving to Switzerland over trade curb f... by markvdb on Tuesday November 26, 2019 @07:07AM (#21637554)
...to remove the Swiss bank secrecy, and keep the US bank secrecy...
Re:RISC-V Foundation moving to Switzerland over trade curb f... by 6510 on Tuesday November 26, 2019 @06:17AM (#21637300)
The world applauded that effort.
Re:RISC-V Foundation moving to Switzerland over trade curb f... by tobltobs on Tuesday November 26, 2019 @07:36AM (#21637710)
Especially Delaware and all the other US tax heavens.
Re:RISC-V Foundation moving to Switzerland over trade curb f... by logfromblammo on Tuesday November 26, 2019 @10:54AM (#21639337)
Delaware has invested heavily into its courts, to be attractive as a corporate domicile, on features other than lowest taxes paid to Delaware itself. You set up in Delaware to avoid paying taxes everywhere else. That's why non-havens hate tax havens; the havens are stealing milk from their herds.

Delaware, Nevada, New Mexico, et al. make it easy to set up shell companies. Multiple layers of corporate veils make it easier to evade taxation, if the business is so inclined. But it's also easier to legally avoid taxation, which is the goal of the next-generation tax haven.

The deal is that you pay some taxes to Delaware, as the unavoidable ones, and then use its business-friendly jurisdiction to set up a network of sub-companies that can more easily slide through all the loopholes in all the rest of the world's tax laws. So the Delaware company owns the Irish company, and the Dutch company, and the Bermuda company, and the Singapore company, and the Cyprus company, and it can optimize the on-paper accounting so the money generates the least tax possible whenever it moves in the direction of the owners. If someone goes after a mook company, it can be cut loose and replaced, but if someone goes after the mastermind company, they have to do it in Delaware's courts.

The tax haven version 1.0 relied on banking secrecy to hide financial information from taxation authorities, so they wouldn't know what to tax. Tax haven version 2.0 is about playing those taxation authorities against each other, so that all their weaknesses (relative to the other authorities) are attacked at once, and laws are only broken or ignored outside of the jurisdictions in which they are enforceable. The information is not kept secret, but it is managed so that the only entity that can see the whole picture has no particular reason to pry too deeply or to leak it to anyone else.

Re:RISC-V Foundation moving to Switzerland over trade curb f... by wahern on Tuesday November 26, 2019 @01:56PM (#21641412)
Delaware isn't business friendly; it's shareholder friendly, which is why investors prefer Delaware incorporation. Of more concern to shareholders than the prospect of big gains is the risk of waste and embezzlement, and preventing that requires transparency and accountability (both literally and figuratively) much greater than required by your typical fraud promoting tax haven.
Re:RISC-V Foundation moving to Switzerland over trade curb f... by logfromblammo on Tuesday November 26, 2019 @03:11PM (#21642168)
Also, the US did not adopt the Common Reporting Standard from the OECD in the wake of the Panama Papers leak. So it does not report banking activity happening inside to the US to other countries.

The Paradise Papers may spur additional legislative action, pending the results of the 2020 elections.

Re:RISC-V Foundation moving to Switzerland over trade curb f... by stjohnswarts on Tuesday November 26, 2019 @06:51AM (#21637467)
They've actually bust a lot of African dictators and such it was more or less a success. At least in the short term. Crooks will always come up with a way to launder cash though
Re:RISC-V Foundation moving to Switzerland over trade curb f... by misja on Tuesday November 26, 2019 @07:08AM (#21637560)
And now there is BitCoin.
Re:RISC-V Foundation moving to Switzerland over trade curb f... by outside1234 on Tuesday November 26, 2019 @09:33AM (#21638552)
You mean they have pressured the Swiss to stop laundering and storing drug and Nazi money, which is totally a big deal.
Re:RISC-V Foundation moving to Switzerland over trade curb f... by swiley on Tuesday November 26, 2019 @09:49AM (#21638672)
People might be less upset if US banks weren’t doing it on a large scale.