Category Offshore Taxation
In 2015 the 50 biggest companies in the USA stashed an extra USD 200 billion offshore, using 143 newly created overseas subsidiaries, according to new information released by Oxfam International on February 12th.
Over the course of 2015 the top 50 companies made use of a total of 1 751 subsidiaries, which were primarily located in tax havens.
These subsidiaries were used to hold approximately USD 1.6 trillion in cash and profits.
It was also stated that the problem of offshore cash stashing was exacerbated by the large companies’ propensity for lobbying to receive tax breaks.
Oxfam estimated that for every USD 1 that the comp...Read More
GENEVA – Foreign investment is being routed via financial hubs and tax havens almost exclusively for the purposes of evading taxes.
In a recently released report the United Nations Conference on Trade and Development has claimed that multinational businesses around the world avoid approximately USD 200 billion per year.
The taxes are being avoided by routing foreign investment through financial hubs and tax havens.
It was noted that in some cases there are genuine reasons for foreign investment to be sent via a third country, but, according to the information in the report, in most cases the actual reasons was solely to minimize tax obligations.
It is estimated that investment via such intermediary countries accounts for 18 percent of all foreign investment coming into countries in Nort...Read More
BRUSSELS – A large number of countries outside of the EU have now been blacklisted for allegedly not doing enough to help stop tax evasion.
At a news conference held on June 17th the EU Economic Affairs Commissioner Pierre Moscovici announced that 30 countries have now been blacklisted due to their continued non-cooperation regarding tax evasion.
The newly blacklisted countries are Andorra, Liechtenstein, Guernsey, Monaco, Mauritius, Liberia, Seychelles, Brunei, Hong Kong, Maldives, Cook Islands, Nauru, Niue, Marshall Islands, Vanuatu, Anguilla, Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, British Virgin Islands, Cayman Islands, Grenada, Montserrat, Panama, St Vincent and the Grenadines, St Kitts and Nevis, Turks and Caicos, US Virgin Islands.
The list does not include any EU...Read More
BRUSSELS – Aid funding intended for private enterprises in developing country is being moved through offshore tax havens, potentially hindering tax collections in the developing countries it was meant to help.
Government operated aid and development organizations around the world routinely route investments and funds through entities domiciled in offshore jurisdictions, inadvertently supporting and legitimizing tax havens, according to information contained in a new report released on November 4th by the non-government organization European Network on Debt and Development (EURODAD).
The newly published report contains information on the investments made by 14 separate multilateral and 3 bilateral development finance institutions (DFI), which are government supported institutions which prov...Read More
BRUSSELS – Taxing all of the hidden wealth and assets of the world could raise enough extra money to easily solve the global problem of poverty.
The world’s poverty problems could be solved entirely, if taxes were applied to capital and assets hidden away across the tax havens of the world, according to the results of new research released on May 22nd by the international aid organisation Oxfam.
According to estimates prepared by Oxfam approximately USD 18.5 trillion worth of assets in capitals is currently stashed away in offshore jurisdictions, with approximately USD 12 trillion being held in EU tax havens, such as Luxembourg, Andorra or Malta.
Oxfam estimates that if the hidden assets were to be taxed at only 3...Read More