Category Tax Havens

Tax Havens Aid Illegal Fishing and Deforestation

August 14, 2018 Tax Havens

DeforestationSTOCKHOLM – Tax havens are facilitating deforestation and illegal fishing but allowing the perpetrators to hide from taxes and legal repercussions.

On August 13th the Stockholm Resilience Centre issued a public release which details the results of research on the link between tax havens and illegal fishing and deforestation.

The researchers found that approximately 70 per cent of all vessels which are known to have been involved with illegal, unreported, or unregulated fishing around the world were flagged and registered in jurisdictions widely recognized as being tax havens.

In many cases, the jurisdictions in which the fishing vessels are registered are not known to routinely prosecute or penalize vessels which are found to be in breach of international maritime laws.

Further, the res...

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Aid Funding is Being Routed Through Tax Havens

November 5, 2014 Offshore TaxationTax Havens

Development AidBRUSSELS – 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...

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Chinese Top Brass Use Tax Havens

January 23, 2014 Tax HavensTaxation in China

Chinese Top Brass Use Tax HavensWASHINGTON D.C. – International journalist are continuing their investigations into the global corruption, and have now published a new analysis on the use of tax havens by Chinese officials.

Two relatives of the former Premier of China Wen Jiabao, the son-in-law of the current President Xi Jinping, the son-in-law of the former governor of the central bank of China Dai Xianglong, the founders of the internet giant Tencent Zhang Zhidong and Ma Huateng, China’s wealthiest woman Yang Huiya, and thousands of other wealthy and prominent people of China are using corporate structures registered in offshore jurisdictions, according to new information released on January 22nd by the International Consortium of Investigative Journalists.

This is the first such report by the ICIJ on the large...

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Deloitte Helps Tax Avoiders

November 6, 2013 Tax HavensTaxation In Africa

 South Africa tax filingJOHANNESBURG – Deloittes is under fire for allegedly helping large businesses avoid their taxes in Africa.

In a report issued over the weekend the international charity group Action Aid accused the accounting firm Deloitte of helping multinational businesses to avoid tax obligations when investing in Africa by routing the funds and activities through entities registered in Mauritius.

According to ActionAid, earlier this year Deloitte released a document entitled Investing in Africa Through Mauritius, which, as an example, showed how businesses operating in Africa may reduce their capital gains tax and withholding tax obligations by 100 percent and by 60 percent respectively.

The charity group conceded that the structures outlined by Deloittes are perfectly legal, but suggested that they...

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Bermuda, Jersey and BVI Branded as Tax Havens

August 30, 2013 Tax HavensTaxation in BermudaTaxation in British Virgin IslandsTaxation in Jersey

British Virgin IslandsPARIS – The government of France is taking a firm stance in the fight against international financial crimes by classifying three more countries as tax havens.

France has officially classified Bermuda, British Virgin Islands and Jersey as “non-co-operative jurisdictions” in regards to information sharing and taxation, with the three countries joining the ranks of Botswana, Brunei, Guatemala, Marshall Islands, Montserrat, Nauru and Niue, which have also effectively been classed as tax havens.

The countries on the list each face a 75 percent automatic withholding tax on any payments coming from France.

The withholding tax will only come into effect on January 1st 2014 for the three newly added countries, and the government of each nation now has until the end of this year to address and ...

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