Best of the web: US firms attack Obama tax haven crackdown

US companies have reacted with horror to President Barack Obama's assault on tax havens. About 200 major companies have written to Congress warning that the proposal, announced late on Monday night, could put US companies at a disadvantage to foreign rivals, The Daily Telegraph reports.

John Castellani, president of the Business Roundtable, which represents chief executives of several major companies, said: "This plan will reduce the ability of US companies to compete in foreign markets, which will not only reduce jobs, but will also cripple economic growth here in the US. It couldn't come at a worse time." Full story…

German Finance Minister Peer Steinbrueck pressed Switzerland on Thursday to enter "concrete" talks on loosening its bank secrecy rules, saying the country's laws actively encouraged Germans to avoid paying taxes at home, according to The Guardian.

In a speech to the Bundestag lower house of parliament, Steinbrueck renewed his criticism of Germany's southern neighbour, saying it had not yet taken the steps necessary to convince him it was serious about combating tax cheaters. Full story…

Italy plans to take action against firms that invest funds in tax havens and is considering drawing up its own blacklist of such countries, Economy Minister Giulio Tremonti said on Tuesday, Reuters reports.

Speaking to reporters in Brussels after meeting with his European Union counterparts, Tremonti said the Group of 20 rich and emerging nations was jointly committed to combating tax havens, but Italy was also ready to take action of its own. Full story...

Bermuda banks with US clients face being required to share information with US tax authorities or be presumed to be aiding tax evasion and face punitive consequences, according to The Royal Gazzettte.

US President Barack Obama yesterday unveiled plans to require all foreign financial institutions that have dealings with the US to sign an agreement with the Internal Revenue Service (IRS), making them a "qualified intermediary" (QI). Full story...

Barclays bank is playing a lead role in the establishment of a tax haven in Ghana, in a move that could see huge mineral wealth in West Africa vanish into it from poverty-stricken countries' coffers, the Observer can reveal.

The controversial British lender has for the last four years worked closely with the Ghanian government to start an International Financial Services Centre offering low taxes and minimal financial disclosure. Full story…

The battle between the US and UBS ratcheted up after the Swiss bank refused to hand over the names of 52,000 Americans suspected of tax evasion, says The Guardian.

UBS said in a court filing that such a disclosure would force its staff to break Swiss privacy law. It asked the court to reject a petition from the Internal Revenue Service, which is suing UBS to force it to hand over the names. Full story…

The UK is losing at least £4bn a year through residents holding money in offshore tax havens, research claims. According to the BBC, Jersey, Guernsey and the Isle of Man were among popular spots for the wealthy to hold savings, the TUC said. Full story…