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«Legal» tax practices

LUXEMBOURG – The Government was quick to react to the LuxLeaks case. The Prime Minister, Deputy Prime Minister and the Ministers of Justice and finance have convened emergency press.

To find out how the Grand Duchy intends to deal with the problem of prostitution, it will revert. The press conference that was scheduled for Thursday at 11: 00 has been cancelled « for reasons of political news » indicates the Government. And for cause, the LuxLeaks seem to have somewhat modified calendars and blow a wind of panic. Thus, the press was convened at 10:10 for a press conference at 10:30.

Prime Minister, Deputy Prime Minister, Minister of Justice and Minister of finance are there to respond to the case which is the Luxembourg in the world. «This does not give a good image of the Luxembourg», launched the head of Government, Xavier Bettel. Before going, however: « the ruling corresponds to international rules. The ‘tax ruling’ ‘ is not a speciality of the Luxembourg, many European countries practise», explained his side his Finance Minister, Pierre Gramegna.

This practice, which is legal and is not only the Luxembourg, allows a company to ask in advance how his situation will be treated by the tax authorities of a country, and to get some legal safeguards.
This influences the distribution of taxable profit of a multinational between subsidiaries located in different countries, allowing it to tax optimization. This practice « gives certainty and predictability to companies on the manner in which a transaction will be processed fiscally, » explained Pierre Gramegna, stressing that it was « consistent with community standards and the OECD ».

Pressures to avoid an investigation into LuxLeaks

LUXEMBOURG- Several MEPs have withdrawn their support for the creation of a commission of inquiry into LuxLeaks. They received pressure.

Five parliamentarians have withdrawn their support for the motion: Renate Sommer (Germany), Jérôme Lavrilleux (France), Kyrtsos Georgios (Greece), Dieter-Lebrecht Koch (Germany) and Sven Schulze (Germany). (photo: DPA v European Parliament)

Thecase LuxLeaks could well make pschitt. According the essentialinformation, five MEPs from the Conservative Party (EPP) withdrew their signatures on the request for a commission of inquiry into the case of secret tax agreements between the Luxembourg and multinationals. Parliamentarians of EPP, to which belong especially the Luxembourg CSV, the French UMP and the German CDU, would receive a lot of pressure. Most got the name of the five members who have turned gown: the Germans Dieter – Lebrecht Koch, Sven Schulze and Renate Sommer, the French Jérôme Lavrilleux (also involved in the case Bygmalion in France), as well as the Greek Kyrtsos Georgios.

Slideshow Affair LuxLeaks

So the president of the European Council should take into account the motion on 5 February, it must be approved by a quarter of MEPs, or 188. On January 22, 197 were favourable, including 20 of the EPP. If five more defection, the commission of inquiry on LuxLeaks will already be history. German MEP Markus Ferber (EPP) think know why some of his colleagues are removed. According to him, they undergo very strong pressure on the part of their hierarchy. « Myself I know it, » explains one who always supports the initiative. The head of fraction of EPP, Manfred Weber, would have warned his colleagues that the signatories who would not notice change would in future private speaking time, could no longer submit reports or participate in commissions. « In relation to me, this was not enough to intimidate me », resumes Markus Ferber.

« Smoking out strategy ».

« I heard that this affair created quite a stir, » explains the Luxembourg Viviane Reding (EPP), which does however not confirm the pressure exerted by its head of fraction. Ecologist Claude Turmes MEP gives a different story: « the brains of the EPP are bitter towards the members who have signed the motion. Five MEPs who have changed their position could not be reached by most, despite several attempts. On its website, Dieter – Lebrecht Koch wrote: « I have preferred to sign the motion. The prospect of giving satisfaction to the extreme left, who wants to « obstruct Jean-Claude Juncker (Editor’s Note: president of the European Commission and Prime Minister of Luxembourg at the time of the negotiation of the tax rulings)», would have to change his mind.

The Austrian Michel Reimon, Greens, is at the initiative of the motion. It assumes the personality of Juncker is the origin of the withdrawal of the MEPs of the EPP. « It is a game of power exercised by the Conservatives and the Social Democrats.  » The goal is not to destabilize the president of the Commission. The Conservatives also fear that a LuxLeaks survey does harm to the European economy and disrupts European taxation. « They fear massive consequences for several large companies.

If the commission of inquiry were rejected, the LuxLeaks case were at Parliament’s economic and Monetary Affairs Committee. «We would then see a smoking policy», according to Markus Ferber. As Michel Reimon as Markus Ferber are surprised by the extent of the pressures. «Also pressures than in national parliaments where members can bring down a Government are not commonplace here», according to the Austrian MEP. « This is anything but a normal situation, » notes his German colleague.

Congress is preparing in 2015 pour verification of the command of the federal reserve, long sought by Ron Paul

Paul Rand resumes because the father; Janet Yellen opposed to stricter monitoring

Reserve Federal President Janet L. Yellen said earlier this month, the remains of the Fed is opposed to strict plu UN control of its decisions of monetary policy, and Reuters one it the reported and pay other Fed officials put pressure on Capitol Hill that he abandoned the thrust of the audit. (Partners… more >

By Stephen Dinan – the Washington Times – Wednesday, December 31, 2014

After years of being blocked by the Democratic leader Harry ReidtheSenate will finally have a chance year for vote on the legislation next pour forcer a general audit of the Federal Reserve decision-making.

Once defends them Congress by formerRep. Ron Paul push to force the Central Bank of the country to undergo a full audit was taken over by his son,Senator Paul Rand, and others, and enjoys the support of the leader of the new Republican majority, Senator Mitch McConnell, Republican Kentucky, does the Agency declare the legislation will win a floor vote.

But despite support in the House, where the legislation passed twice, crushing Bill is not a sure thing in theSenateand theFEDitself is repulsive. President Yellen earlier this month said the Fed remains opposed to UN of plu strict control of its monetary policy decisions, and Reuters one it the reported and other Fed officials make pressure on Capitol Hill pay that he was abandoning the boost verification.

« In 1978Congressexplicitly adopted a law pour ensure that there would be noGAOaudit of monetary policy decision-making, namely political audits. » I hope that this will continue, and I will try to defend forcefully why it is important, « Ms. Yellen said to journalists at a conference of press two weeks ago.

Of supporters for theCongress, the fight is a matter of constitutional prerogatives and good governance. They argue that recovery Act of 2009 from president Obama, which amounted to $800 billion in spending cuts and taxes, has been overshadowed by billions of dollars of stimulus the FED oversaw.

The of they got the chance in the House, where the legislation providing for verification a past twice, including most recently in September on a vote of 333-92. All except a Republican and more than half of Democrats in the House, voted for the law.

ButMr. Reid , Democrat of Nevada, a case the Bill refused to give the time of Senate , placing bottle top en 2012 and 2014.

Norm Singleton, Vice President of policy at the campaign pour freedom,Ron Paul’spolitical organization, said that was striking because, in 2010,Mr. Reid seemed to launch son support behind to do an audit.

Mr. Reid side suffered them huge losses in the November elections, with GOP NET nine seats – enough pour a majority of 54-46, offering control over the timing of parole to Mr. McConnell and undercutting Mr. Reid power of.

« His refusal to bring the popular legislation as ‘theEDFAudit’ ground is main reasons why it is to be demoted to the minority leader, » said Mr. Singleton, who spent several years as a Legislative DirectorMr. Paul from in the House. «  » «  » The the change Senate leadership presents it with the best opportunity yet for a stand-alone vote ‘ the Fed Audit.’ »

However, he said that they are not take anything pour acquis, especially after the report thatFEDofficials are quietly lobbying against a surveillance rained.

« It is popular with 75% of the American people, but it is not popular among the Wall Street; It is not popular with banks; It is not popular with foreign central banks, « said Mr. Singleton. » »These hold a good amount of swaying between the two parties, just so to say that a change of party necessarily mean we will be able to audit the Fed is the best chance now that we had before, but this isn’t a slam dunk. »

Sergio Gor, of United Nations spokesmanPaul Senatorthe former Congressman son and current Senator from Kentucky, said they will make that Bill is available for newCongress.

« It will be among the first pieces of legislation to be introduced as soon as the newCongress » convenes in January, said Mr. Gor. « The federal reserve transparency remains a top priority for Senator Paul Rand .. »

Congresscreated theFederal Reservethere is nearly a century. The system, which includes a Board of Directors and the 12 regional banks acts as lender of last resort to the banking system of the country, and it is loaded with the fight against inflation and to the promotion of economic growth and employment.

Paul Rand resumes because the father; Janet Yellen opposed to stricter monitoring

Federal Reserve President Janet L. Yellen said earlier this month, the remains of the Fed will opposed to stricter control of its monetary policy decisions, and Reuters reported that she and other Fed officials put pressure on Capitol Hill that he abandoned the thrust of the audit. (Partners… more >

It sets interest rates have a direct impact on the rates that banks charge consumers, but Congress shielded from some of the decisions of the Council’s views in order to give the Agency’s independence.

Now, after the recent financial collapse, several legislators have begun to question the FED decisions of and want to watch more closely why it took these measures.

The audit of the legislation would give the Government Accountability Office is Congress leader investigation arm, the power to retroactively – but not actually reverse – the FED’s decision-making, especially on monetary policy.

Ms. Yellen has already regularly testify to Congress decision-making context and reports of meetings are released years after the facts. But Ms. Yellen and his supporters say giving the GAO audit powers may arise to have their decisions examined almost in real time, which say, could influence the closed-door Fed deliberations.

« If the members of the Council are aware that their statements may become public, they can be inhibited to talk frankly economic trends they observe or monetary policies, as according to them, better respond to current conditions, » Rep. Elijah E. Cummings, Democrat of Maryland, said in leading the fight against the Bill in September.

Mr. Cummings said if GAO received the power to audit the FED members of Congress could use their own ability to ask some checks as a way to influence the deliberations of the Council.

Congress has approved several more limited audits of the FED , including one arising out of the Dodd-Frank Act written in the wake of the collapse of Wall Street. The audit, reported in 2011, found the Fed repeatedly invoked emergency powers to extend its lending activities in 2008 and 2009, including major loans to support the housing market.

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