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04
News
Obama set to stamp
out tax havens
US president-elect Barack Obama trusts, a restriction on fees for tax The British Government is fac-
is planning a crack down on inter- services and tighter oversight of ing growing criticism over its
national tax havens including offshore jurisdictions. light-touch regulation of the off-
Jersey, Guernsey, the Isle of Man The proposals will seek to iden- shore sector. The UK blocked
and 31 other jurisdictions. Obama tify ‘offshore secrecy jurisdictions’ moves from the United Nations to
is one of the architects of the Stop that ‘unreasonably restrict US tax raise its tax committee to inter-
Tax Haven Abuse Act, introduced authorities from obtaining needed governmental status.
in the US Congress in February information’. Stephen Platt, a partner in
2007. Rumours in Washington indi- Jersey-based law firm BakerPlatt,
Advisers to Obama say he will cate leading accountancy firms said, “From a UK perspective, the
introduce measures shortly after have already hired lobbyists in Bill should ring alarm bells for all
taking power in an attempt to anticipation of a battle to scale those that represent entities or
regain an estimated $50bn down the measures. individuals who have dealings
(£32bn) per year in lost US tax International pressure to ban with the US and the blacklisted
revenue. tax havens in order to restore the countries, either directly or
The proposed legislation is global financial system has through subsidiaries.”
thought to demand greater disclo- increased dramatically since the
sure regarding ownership of economic downturn began. See page 29 for in-depth analysis
© Joshua Wanyama
Expat workers
Police force urges
double in number
expat officers to
return from
The number of employees on “global nomads”, or employees
international assignments has that continuously move from
almost doubled over the last three country to country on multiple
Australia
years, according to a survey con- assignments.
ducted by Mercer, the employee The majority of companies
A police force that is fed up of los- £10,000 to put towards the expense
benefits consultancy. surveyed (86%) consider benefit
ing its officers to Australia has of relocating, he added.
The report states that the num- provision for expatriate employ-
launched a campaign to lure them “In return we get a fully-trained
ber of workers on international ees a medium or high business
back home with a £10,000 resettle- police officer ready to go, and we
assignments increased by around priority. However, 26% admit to
ment package. think that is good value.”
90% over the last three years. having no specific policy for pro-
Leicestershire Constabulary said Feavyour admits he is attracted
However, although benefit pro- viding such benefits.
it wanted to stem the tide of officers by the irony of turning the tables
vision to expatriates is considered The majority of respondents
being ‘poached’ by the Australian on his Antipodean colleagues.
“high priority”, clear policies or provide medical benefits for their
police and defended its 11,500 euro The police will be placing adverts
monitoring is “largely lacking”. employees by means of either
($14,600) offer as good value for in newspapers in Adelaide and else-
Mercer's 2008/2009 Benefits international plans or host coun-
taxpayers’ money. where in Western Australia. It said
Survey for Expatriates and try packages. However, more than
“Often when people relocate they one in 11 of Western Australia’s
Globally Mobile Employees cov- 80% do not take into account
feel homesick and want to move 5,500 police emigrated from
ers 243 multinational companies local social security arrangements
back, but due to financial con- Britain.
worldwide and some 94,000 expa- when providing these benefits.
straints they are not able to do so,” The ‘Homesick and Away’ cam-
triates. The survey found that Robert Lockley, principal in
said Chief Superintendent Geoff paign adverts - the name is a play
47% of companies surveyed said Mercer's international business
Feavyour. on popular Australian soap opera
they had increased the deploy- section, said multinational com-
“Some people find the prospect ‘Home and Away’ - list some of the
ment of traditional expatriates, panies could achieve “consider-
more comfortable when they are home comforts that some recruits
defined as employees on assign- able cost savings” by tailoring
offered assistance in returning to might be missing.
ments of between one and five their medical plans to integrate
the UK.” They include the traditional
years. Slightly fewer (38%) with local social security
The Leicestershire force is offer- Sunday roast dinner, English tea
reported an increase in so-called provision.
ing a relocation package of up to and real ale.
January 2009 Investment International www.investmentinternational.com
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