Hendren Global Group, China joins world anti-tax fraud endeavor

China joins world anti-tax fraud endeavor

Zhang Yuwei in New York (China Daily)-China is set to sign the tax-assistance convention with the Organization for Economic Cooperation and Development (OECD) on Tuesday and will become the last in the Group of 20 economies to enter the major global convention on tax.

On Tuesday, China’s tax head Wang Jun will sign the convention in Paris, which will be in force after three full calendar-months from its ratification. The convention — entitled Multilateral Convention on Mutual Administrative Assistance in Tax Matters – stipulates a structure for administrative collaboration between over 50 developing and developed nations in determining and collecting taxes, with emphasis on controlling tax evasion and avoidance.

China’s inclusion in the group ratifying the convention signifies the world’s second-largest economy participating “in international efforts to fight tax avoidance and evasion by coordinating with other countries in the assessment and collection of taxes”, according to OECD.

Upon the convention’s full enforcement with respect to China, the country’s tax officials will be allowed to request their counterparts from the participating nations for use of their tax records and vice versa.

Steven Zhang, managing director at Fund Tax Services LLC in New York, said China’s entrance to the group is “in keeping with a worldwide pattern”.

“China’s concurrence with the objectives of the convention would enhance the efficiency of Chinese tax officials in quelling potential tax avoidance and evasion by foreigners and foreign enterprises,” said Zhang.

Tax evasion was also a main concern set by world leaders, together with the leaders from the G20 economies, to tackle the causes of the 2008 financial catastrophe and to help eradicate corruption – one of the primary issues China’s new government has resolved to tackle with determination.

Tax evasion and avoidance will be one of the chief matters under consideration at the G20 summit in St. Petersburg on Sept 5-6.

“Governments all over the world are implementing laws and policies to enforce taxpayers to show greater transparency in their tax reporting and are increasing coordination in fighting tax avoidance over various jurisdictions,” said Zhang.

“Escalating pressure from nations and enforcers has put administration of international tax risk at the frontline of company and financial decisions,” he added.

Global Financial Integrity, a non-profit advocacy and research group based in Washington, said the Chinese economy bled $3.79 trillion in illegal investment outflows from 2000 through 2011. Out of about $2.83 trillion that drained unlawfully out of China from 2005 to 2011, they said, $595.8 billion ended up as bank deposits or financial assets – such as bonds, stocks, derivatives, and mutual funds -in tax shelters.

Statistics provided by China’s State Administration of Taxation last month revealed that anti-tax evasion moves by the Chinese government produced an additional income of about $5.7 billion last year, almost 30 times the figure of 2008.

The convention was developed jointly by the OECD and the Council of Europe in 1988. In 2009, the accord was rationalized to make it conform with international requirements on the transfer of information for tax purposes, and to allow nations that were not part of the OECD or the Council of Europe to join in.

Over 50 nations have either entered as signatories or have expressed their desire to do so since the revision of the convention.

Hendren Global Group Jim Hendren Baseball Geek Group: Why do we cheat?

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Baseball has been in the headlines lately, and for the ugliest of reasons: cheating.

Not the old hide-the-ball-in-the-glove trick or greasing or scuffing the baseball. No, those would be too obvious.

In their pursuit of perfection, or at least superior performance, dozens of high-paid athletes, superstars and utility players turned to performance-enhancing drugs that they hoped would evade discovery. It didn't work, and America's pastime is plagued with scandal.

The sad thing is that cheating is not that uncommon. We see it on Wall Street, in politics, in famous marriages and just about everywhere you look. It seems it's become part of our culture. Is the spirit of competition that drives American progress creating a nation of cheaters?

People cheat on diets, at cards or on fitness programs. Bolder folks might cheat on taxes, resumes or dating profiles. But where do we draw the line in the sand? Is some cheating OK?

We need to examine that attitude. I still believe that trust is one of the most important attributes of any truly successful person.

In a Conference Board poll of 15,000 juniors and seniors at 31 universities, more than 87 percent of business majors admitted to cheating at least once in college, the largest such percentage. Engineering students came in second at 74 percent. Next came science students and Humanities majors, tied at 63 percent.

According to USA Today, college students on 27 campuses in 19 states were asked what they would do if they caught a classmate cheating. Would they report it? 81 percent said, "No." Are you as surprised as I am that there are more than 150 websites that offer essays, term papers and dissertations for sale?

Does that set the stage for life? Well, I surely hope not. But reading the headlines might make you think otherwise.

Political sex scandals are hard to ignore these days. Certainly not all politicians are cheaters, but when the news is dominated day after day by some outrageous behavior that most of us would never condone, it casts a long shadow. After all, if they'll cheat on the ones they love, what will they do to get votes or push legislation through?

When trust is eroded, an entire group suffers, even those who are squeaky clean.

Business is hardly exempt. A survey by CFO Magazine found that 20 percent of financial executives feel more pressure since 2001 to "make results appear more favorable."

In a survey of students at the nation's top business schools, two-thirds of women and more than half the men said they do not believe that most companies are "run honestly or ethically."

In a speech, former Bank of America global risk executive Amy Woods Brinkley spoke about what the research firm Inferential Focus called the "gaming" of everything in our lives. "What they mean in short is that our passion in America for games -- for entertainment and competition -- seems to be exceeding its normal bounds. As a result, the lines between recreation and reality have grown blurry. More and more aspects of our society appear to be treated like a game to be won ... rather than a real life to be lived."

A baker bought his butter from a local farmer. After some time, the baker began to suspect that he wasn't receiving full pound bricks of butter from the farmer.

For several days, he weighed the butter after it was delivered. His suspicions proved correct. So he turned to the law to settle the matter.

The farmer was brought to court to answer for his act of fraud. "What kind of scale do you use?" the judge asked.

"I don't have a scale, your honor," replied the farmer.

"Then how can you weigh the butter that you sell?"

"It's pretty simple," the farmer said. "I have balances, and I use the one-pound loaf of bread I buy from the baker as a weight."

Case dismissed.

I learned a long time ago that by not cheating -- and doing the right thing -- you will live a much happier life than you will by trying to cheat your way through it. Just tell the truth. It's so simple, so basic -- and the cover-up is always worse. You'll also sleep much better at night.

Mackay's Moral: Sophocles said it best, "I would prefer even to fail with honor than to win by cheating."

• Harvey Mackay is the author of the New York Times best-seller "Swim With the Sharks Without Being Eaten Alive." He can be reached through his website, www.harveymackay.com.

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Hendren Global Group: Been bored lately? You should try it some time

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It may be boring to say, but we don't do boredom like we used to do boredom. Not really. It's not hours stretching slowly into hours of total nothing any more, where the chin sinks heavily into the hand and stays there all day. It's not boredom like if we're old enough we may remember from childhood, and if we're young we've never really known. The freneticism of modern life makes that type of boredom almost impossible. What we have now is a kind of boredom interrupted.

When we're bored now we look at our iPhones, check email, scan Twitter, play Angry Birds, watch a video of a talking dog. We fill up those ever-shorter moments of empty time that one mobile phone company (in selling mode) called ''micro-boredoms''. Sometimes I find I'm staring at my phone and have no recollection of even wanting to do so. It's just habit, a quick fix, an instinctive response to boredom's early warning signs.

Like all quick fixes, of course, it doesn't really work. Social media and iPhones aren't a cure for boredom so much as a distraction from it. And it is a distraction that has the twin effect of contributing in the end to the very thing the bored person wants distracting from, i.e. their boredom, and denying the bored person the uses or advantages it is thought true, uninterrupted boredom can offer.

According to a paper that attempted to define boredom, by clinical psychologist Dr John Eastwood in the journal Perspectives on Psychological Science, the bored person is restless and lethargic and wants but is unable to engage in satisfying or meaningful activity. All instances of boredom, Eastwood says, essentially involve a failure of attention.

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Which is a worry since iPhones and apps and social media and TV news tickers and the whole freaking wondrous techno show, before and through which we are now fashioned, are reducing our attention spans to zip. So we are in danger of getting caught in a loop: we fail to focus our attention, which makes us feel bored, which makes us watch a video of a cat playing the piano, which reduces our attention span further, which makes us feel more bored and ready to watch the cat playing the piano again.

It is young people who are at greatest risk in all this. Older people, particularly if they have children, are too busy to be bored. Boredom of any kind would be a luxury.

But young people? It is worth remembering that many of them don't even have a memory of a time before iPhones and social media and viral videos. Of a time, really not so long back, when there was basically just television, and if you turned it on and it was golf or The Waltons, you had no choice but to think of something else to do.

The challenge for young people, and many of us, is to take on the somewhat counter-intuitive idea that the cure for boredom is not more and more stimulation, particularly if it's passive stimulation. Trying to beat boredom by sensory overload is self-defeating. As Eastwood says, ''boredom is like quicksand: the more we thrash around, the quicker we'll sink''.

Sometimes we just need to sit with boredom, steep ourselves in it, even as this becomes harder and harder to do.

(How to resist watching the video of a parrot dancing Gangnam Style?)

For boredom, and I mean uninterrupted boredom, does have its uses.

For one thing, true boredom is thought to be something of an evolutionary warning sign that we may have to change our lives in some way if we are to avoid worse ahead, such as depression. Boredom also allows space for thought, memory and introspection, and is believed to be a necessary element in creativity (''I like boring things,'' said Andy Warhol), as well as a spur for new ideas and fresh ways of seeing things. Some even believe boredom helps us put our existence into perspective.

In his final novel, The Pale King, David Foster Wallace writes: ''It turns out that bliss - a second-by-second joy + gratitude at the gift of being alive, conscious - lies on the other side of crushing, crushing boredom.''

OK, most of us won't want to follow boredom that far, whether there is bliss waiting somewhere beyond or not.

But there is something in this thought that speaks to our manic times.

Riding out old-time boredom may be boring, but what about trying to distract yourself moment to moment from every single instance of micro-boredom? That surely sounds toxic to no end. hendren global group

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Hendren Global Group: Deceit, fraud, and first world problems: How BRICS graduated to the sports big leagues—and now regret it

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Somewhere between the first protest over transit fare hikes in Sao Paulo and president Dilma Rousseff’s public address three weeks later, football and the Olympic Games found themselves swept into the heart of Brazilian anger.

The outcry had centered around failed social services, corruption, and misplaced expenditure. As the crowds grew from tens of thousand to a million-strong on June 20, Brazil’s two biggest sporting show pieces—the 2014 World Cup football and the 2016 Olympic Games—were turned into symbols of everything wrong with the government and the country’s elite.

On the day of the Confederations Cup (a preparatory event for 2014) semi-final, between Brazil and Uruguay in Belo Horizonte, 50,000 clashed with police a few miles from the stadium. In Brasilia, a peaceful yet more symbolic protest took place as the crowds kicked footballs over a police cordon—and toward the Congress.

Until Brazil’s winter of discontent, most criticism in countries hosting football World Cups or the Olympics tended to emanate from a relatively small fringe group protesting escalating costs and tax burdens.

In Brazil, though, what the world saw was protest against the world’s two biggest sporting events on a gigantic, unprecedented scale. On a scale that fittingly almost belonged to the dizzy perch that the Olympics and the World Cup occupy in the hierarchy of “eventism.”

The roar of outrage against the World Cup has come from a nation tied into the sport, which writer Alex Bellos calls, “the strongest symbol of Brazilian identity.” In Futebol; The Brazilian Way of Life, Bellos writes, “no other country is branded by a single sport … to the extent that Brazil is by football.”

The June demonstrations proved that Brazilians have put their beloved football in its place. Firmly behind what eventually matters more: education, jobs, health services, security.

Rousseff and FIFA president Sepp Blatter were booed during the Confederations Cup opening. The world’s most celebrated footballer Pele was shouted down after his taped video message said, “Let’s forget all of this mayhem that’s happening in Brazil, all of these protests, and let’s remember that the national team is our country, our blood.” On social media, Reuters reported scathing responses: “Pele, your ignorance is in proportion with your footballing genius.”  “Go to the hospitals, take a bus with no security, then I want to see if you keep saying stupid things.”...

Hendren Global gruppe nyheter faktum: Microsoft, FBI jakte ned cybercrime ring terrorisere nettet

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I en koordinert operasjon, har føderale myndigheter, Microsoft "Digital Crimes Unit" og flere andre organisasjoner lansert en betydelig offensiv mot en cybercrime ring som er ansvarlig for å stjele $500 millioner i løpet av de siste 18 månedene.

Ifølge en pressemelding i Microsoft, innsatsen stengt ned 1000 av ca 1400 Citadel botnet ansvarlig for å infisere intetanende datamaskiner. Av 1000 botnet slå ned på onsdag, ble 455 arrangert i USA. Citadel infisert opp til 5 millioner individuelle datamaskiner.

Botnet er nettverk av datamaskiner har blitt infisert med boter, programmer som kjører automatisk uten de kunnskap om datamaskinens eier. Når en infisert datamaskin går online, det blir en del av nettverket og kan brukes av personer med ondsinnede hensikter til å begå cybercrimes. Vanlige cybercrimes inkluderer web spamming, finansielle tyveri og sende virus.

Datamaskiner som er infisert med ondsinnet programvare Citadel ble brukt til å stjele fra en rekke finansinstitusjoner, inkludert Bank of America, Citigroup, American Express, eBays PayPal, JPMorgan Chase og Wells Fargo, ifølge Reuters.

"Forbrytelser pleide skjer gjennom stickups, men i dag kriminelle bruker museklikk," sa Greg Garcia, tidligere Department of Homeland Security cyber offisielle og talsperson for finansielle bransjeorganisasjoner. "Denne handlingen tar sikte å stoppe pågående skade av disse Citadel botnet mot mennesker og virksomheter over hele verden."

5. Juni 2013 beslaglagt Microsoft data fra botnet, inkludert to servere på anlegg i Pennsylvania og New Jersey. Den vil bruke dette bevis i en sivil sak nylig arkivert i US District Court i Charlotte, North Carolina, mot John Doe nr. 1, ifølge Reuters. I et forsøk på å bekjempe globale cybercrime, utgitt Microsoft informasjon om botnet til internasjonale Computer Emergency Response Team (absolutt).

Mens den sanne identiteten til lederen for Citadel angrepene er fortsatt ukjent, går han eller hun av alias Aquabox og Reuters rapporter som skyldige sannsynlig bor i Russland eller Ukraina.

Den skyldige internasjonale plasseringen hindrer ikke ham eller henne fra wreaking ødeleggelse på amerikanske borgere. I henhold til Internet Crime Complaint Center er (IC3) 2012 Internet Crime Report, IC3 mottatt 289,874 klager, som er en 8,3 prosent økning fra hva det mottatt i 2011. Av de innlevering klager, mister 114,908 rapportert med et gjennomsnitt på $4,573 per klage. hendren global group news fact

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