Tax Havens tagged posts
December 13, 2016 International Tax Cooperation
The international charity Oxfam has released a new report on the “wold’s worst corporate tax havens” ranking countries which contribute the most to international tax avoidance and evasion, and to the growing levels of income inequality around the world.
The countries ranked as part of the research for the report were judged on the “harmful tax policies”, such as low levels of corporate tax rates, offered tax incentives, and their lack of cooperation with international efforts to stamp out tax avoidance.
The 15 countries which were ranked as the worst in the world are Bermuda, Cayman Islands, Netherlands, Switzerland, Singapore, Ireland, Luxembourg, Cura...Read More
November 16, 2016 International Tax Cooperation
On November 15th the Nobel Prize-winning economist Joseph Stiglitz issued a new report calling for tax havens to be treated like terrorist organisations or contagious diseases.
In the report it was claimed that tax havens, and the tax evasion and money laundering facilitated by tax havens, is a global problem.
Further, it was suggested that as two of the world’s leading economies, it is the responsibility of the UK and the USA to take effective measures to stop the negative influence and power of tax havens.
As a means of addressing the impact of tax havens, it was suggested in the report that new legislation be implemented which makes it illegal for a taxpay...Read More
July 5, 2016 Taxation in Samoa
APIA – The Prime Minister of Samoa has defended his nation’s status as a tax haven, saying that it needs the revenues to fund social programs.
During a recent state visit to Brussels the Prime Minister of Samoa Tuilaepa Aiono Sailele Malielegaoi claimed that his country is heavily dependent on the incomes gathered from registration and maintenance of “offshore” companies and trusts.
Samoa was recently highlighted as a significant tax haven in the “Panama Papers”, with revelations that the offshore provider Mossack Fonseca has helped register at least 5 000 trusts and companies on the small island nation.
The Prime Minister said that the revenues and royalties collected from the companies and trusts are vital to the nation, and the gathered funds are used to pay for anti-drug prog...Read More
May 10, 2016 International Tax Cooperation
LONDON – A group of prominent economist are banding together to claim that tax havens serve no economic purpose and should be abolished.
In a join-letter released on May 9th more than 300 of the world’s leading economists called on governments across the world to put an end to financial secrecy and to the regulations which allow tax havens to thrive.
In the letter it was claimed that tax havens do nothing to improve overall global wealth, and that tax havens do not have any justifiable economic purpose.
The authors of the letter conceded that they hold no consensus regarding what level of taxation is appropriate, and on what is the idea balance between direct and indirect taxes, but they “agreed that territories allowing assets to be hidden in shell companies or which encourage profit...Read More
OXFORD – Investments made by the World Bank into Africa are routinely being routed through tax havens, according to new research.
In a statement issued on April 11th the international charity Oxfam claimed that 84 percent of the investments into sub-Saharan Africa made by the International Finance Commission (IFC), the private lending arm of the World Bank, went to companies located in tax haven jurisdictions.
Over the course of 2015 an estimated fifty one of the sixty eight companies which received loans from the IFC were located in tax havens, with the total amount of money sent amounting to USD 2.87 billion.
The amount of IFC loans routed via tax havens has more than doubled compared to previous years, as in 2010 the loans totalled only USD 1.20 billion.
It was noted that the most popu...Read More