Daily Wealth Letter from The Wealth Forums 06 July 2016

Reports — By on July 6, 2016 at 1:06 PM
Ian Brodie

Ian Brodie

Daily Wealth letter

a daily synopsis of the wealth news that’s most relevant, timely and dependable

Compiled and edited by Ian Brodie of The Wealth Forums (www.thewealthforums.com)

NUMBER 247  WEDNESDAY,  JULY 6,  2016

Commission turns the screw on loopholes

The European Commission has announced a further clampdown on offshore tax avoidance and shell companies in response to the Panama Papers. READ MORE: http://thewealthforums.com/2016/07/06/commission-turns-screw-loopholes/

UBS resists handing over tax info

UBS has been ordered by Switzerland’s tax agency to provide France with tax information, the Swiss bank said on Tuesday, adding that it expected other countries to file similar requests. Since the financial crisis, cash-strapped governments around the world have clamped down on tax evasion, with authorities probing Swiss banks in Germany, France and the United States.  READ MORE:http://thewealthforums.com/2016/07/06/ubs-resists-handing-tax-info/

Russian fund empty by next year

Russia will exhaust one of its two sovereign funds next year, according to a finance ministry proposal seen by Reuters, having by that point run through $87 billion since the beginning of 2014 to fill holes in the budget left by a slump in oil prices.  READ MORE: http://thewealthforums.com/2016/07/06/russian-fund-empty-next-year/

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