A coal miner – when including the Scope 3 emissions – is clearly bankrupt under Spud’s sustainable cost accounting racket. So, Thungela Resources should not exist. Which is amusing because profits are up 3,000% as the world, umm, desires and needs to burn coal right now.
And meanwhile the continuation of Murphy’s Lifelong ‘Heimat’ like life story – ‘High plains Grifter’ in the form of the ‘Transparency Principles for Tax Policy and Administration’ agreed in (apparently) Bogota, Colombia. Perhaps the new Pablo Escobar equivalent wants some of Murphy’s self-evidently high intensity/strength product? Apologies for the length…
1. Governments and national authorities should follow procedures that recognize stakeholders
have a right to access information to enable them to reach judgements and participate in
consultations, about whether a tax system is meeting stated objectives and working in the
public interest. (BASIC).
2. Governments should publish clear and measurable objectives for the tax system on a timely
basis, usually annually for each budgeting and reporting period. (BASIC).
3. The objectives of the tax system should be supported by timely and detailed projections of
future tax revenues for each annual budgeting and reporting period, along with the sources of
information and assumptions underlying all estimates and projections. (BASIC).
4. All taxes and their administrative framework should be codified in law, with changes in policy
and substantive administration being made through a legislative process, that involves
appropriate meaningful institutionalized consultation with stakeholders and civil society.
(BASIC).
5. Taxpayers should be able to access clear, free and accurate information and advice that will
maximize their ability to comply with the tax laws of a jurisdiction. They should also have the
right to access a clearly set out appeal process and redress mechanism in relation to any
liabilities, or judgements against them, which they believe to be incorrect. (BASIC).
6. All taxpayers have a right to confidentiality with regard to their affairs unless specific
circumstances require otherwise. (BASIC).
7. Governments should provide the contextual information needed to place taxation within a
broader fiscal, economic, and social framework. (BASIC/INTERMEDIATE).
8. Governments should publish a set of accounts on taxes collected at least once a year that
includes a discussion of major deviations from budgeted amounts by type of tax, with
reference to numerical data and previously published budgets, as well as commentary on
whether the tax system has successfully met its stated objectives in the light of this data.
(BASIC/ INTERMEDIATE).
9. Tax administration – government relations should be subject to the rule of law and tax
administrators should be accountable to executive and or legislative branches of government.
(BASIC/ INTERMEDIATE).
10. Where appropriate, governments should collaborate with international and regional financial
institutions and tax administrators to meet their international reporting obligations. More
generally they should seek to engage with international efforts (inclusive of civil society) to
increase revenue transparency, improve administrative practice and participate in research on
the impact of tax policies across countries and regions. (INTERMEDIATE).
11. Governments should evaluate and report on the extent to which taxes that are legally owed go
unpaid, as a first step in preparing a tax gap estimate (see principle 14). (INTERMEDIATE/
ADVANCED).
12. Governments should seek to examine the impact of and publish information on the amount,
sectors and beneficiaries of tax incentives – such as reliefs, allowances and exemptions, in
terms of their rationales, costs, benefits and effectiveness. (INTERMEDIATE/ ADVANCED)
13. The data underpinning tax transparency should be subject to verification by an independent
agency that audits, evaluates, and reports on the accuracy, quality and fairness of that data.
(ADVANCED).
14. Governments should aspire to work with international bodies to periodically evaluate the
performance of their tax system by applying advanced assessment tools such as tax gap
analyses and tax spillover assessments, to enhance their own and stakeholder understandings
of the risks and vulnerabilities within the tax system, and to inform potential reform debates (ADVANCED/ ASPIRATIONAL)
‘High plains Grifter’
Excellent!
O/T
Updated terms from Lloyds Bank May limit how much money you can keep in your account if economic circumstances demand. WTF?
“…. We’ve added a new condition that says if it’s necessary, due to economic circumstances that affect the banking industry, we may restrict the amount you can have in your accounts either by applying a limit or by imposing a charge. If we have to do this and it applies to your account, we’ll write to you with more information.”
I sneeze in threes
It’s a WEF instruction – don’t forget ‘you will own nothing and be happy’. As RSM (whicchever pseudonym he uses) says on these boards, do you really need that much money?
Surely better for you to redistribute it to those more deserving? And if you disagree, well – more’s the pity. You’ll need to be ‘re-educated’…
I fear negative interest rates are coming, but cash withdrawals will also be restricted.
Surely better for you to redistribute it to those
more deservingalready rich?There. Fixed it for you.
Just to demonstrate how clueless Murphy and his pal are:
Numbers 1 to 6, 8 to 12 are already in place in both the USA and the UK.
Number 7 is gibberish.
Number 13 is meaningless as written.
Number 14 is also gibberish.
And I’m willing to be that most 1st world democracies are doing what the USA and the UK are doing. Anyone really think Germany, France and Sweden don’t budget or estimate taxes assessed vs. taxes collected? So what it comes down to is this: These 14 points are only meaningful in relation to countries such as Nigeria, South Africa, North Korea, China and Russia.
Yeah, it’s 30 pages on A4 paper, so I’m supposed to take it Very Seriously, but I can’t.
Oh Dear Lord…
Murphy has announced that GIFT is offering online courses on “tax transparency”. Here’s the cast of characters:
Participants get a unique chance to listen to testimonials directly from reform champions such as the Indonesian Minister of Finance, Sri Mulyani Indrawati; the Deputy Finance Minister of Georgia, Nikoloz Gagua; the former Secretary of the Department of Budget and Management of the Philippines, Florencio Abad; the former Deputy Finance Minister of Guatemala, Ricardo Barrientos; and senior officials from the South African National Treasury. The course also highlights experiences from key stakeholders outside the Ministry of Finance, including testimonials from Martin Masinde, Senior Deputy Director in Kenya’s Parliamentary Budget Office; Nelson Shack Yalta, the Comptroller General of the Republic of Peru; and civil society representatives from several countries.
Georgia? Kenya? The Philippines? South Africa?
You can’t make this shit up.
Sustainable Cost Accounting has the same acronism as the Society for Creative Anachronism.
“Historical Accuracy” in the SCA is about as accurate as the Sustainability and Accounting in SCA.
So yeah.. They deserve the same acronym.
Although to be fair to the SCA peeps.. At least their encampments contain the minimally required amount of campfire, various kinds of alcohol, and general fun and shenanigans.
Dennis
I’ll see if I can see the TJN profiles for those 4 and indeed:
– Indonesia
– Guatemala
– Peru
I don’t know the AML profile of any of them but if they’re ‘low risk’ or ‘low tax evasion’ states then clearly I have underestimated Murphy….
V_P
Are any members of the Schwab Cabal?
Dr K. A Rodgers
I will take a look and confirm their Bilderberg/ WEF bona fides….
Mr Van P. Can’t speak for Indonesia or Guatepeor, but Peru wasn’t, isn’t and I doubt ever will be a ‘low tax evasion’ country (which is of course one of the reasons I live here). Nelson Shack, however is probably one of the better public office holder of recent years.
Threes, the Halifax have put the same wording on their T&Cs too. I don’t know why they need to since they only need to cover to a set limit anyway. Unless they want to set a lot lower limit.
It’s worries about negative interest rates. European banks have been absolutely screwed by ECB rate being below zero. Because near no depositor will agree to a below zero rate. So, margins have been fucked. Wise (used to be Transferwise) tried to limit euro balances – or charge much more for transfers – for this very reason. Now the base rate is above zero their charges have come down.
It’s not so much imminent below zero rates. It’s that folk have seen what happens with them and are changing T&Cs to accommodate those effects if it ever happens again.
Thungela Resources *only* exists because too many people were screaming that “burning coal is bad” so Anglo-American de-merged its thermal coal operations and appointed a board of directors who were mostly non-white South Africans.
Of course Murphy wants to pretend Thungela is bankrupt but its very existence shows that his campaign has failed: if he had been right Anglo would have closed it down, putting thousands out of work.
Incidentally Thungela would be making even more money if it were not for the chronic failures of the state-owned South African railways to run a reliable service.
Interest (h/t Edward Chancellor) = the price of time.
They have invented a time machine! I look forward to those Che Guevara posters, dodgy haircuts, trouble with girls…
And I was never that hung up on wiping my own arse anyway.
It’s worries about negative interest rates. European banks have been absolutely screwed by ECB rate being below zero. Because near no depositor will agree to a below zero rate.
Are zero interest rates a worry at the moment?
Surely everyone and his dog is planning on raising interest rates to combat inflation?
Those T&Cs seem to mean they can do ill-defined things to you in circumstances that are not defined. Given the last few years I don’t think they should get the benefit of the doubt.
Dr K.A Rodgers/ Bloke in Callao
For Peru, even in Sanish nothing directly linking Nelson Shack Yalta with the WEF. Peru did impose a fairly savage lockdown at WHO behest during the C’19 pandemic but barring Brazil and Mexico I think that was standard across LATAM