Tax Havens tagged posts

EU May Class UK as Tax Haven

November 29, 2017 Taxation in UK

UK tax havenLONDON – The UK faces the risk of being classified as a tax haven, once it leaves the protective veil of the EU.

In a new report, the thinktank Tax Justice Network claimed that the EU could potentially classify the UK as a tax haven following the completion of Brexit negotiations.

The researchers at the Tax Justice Network evaluated several countries against the EU’s own classification of what is a tax haven.

The countries which were found to be tax havens were Luxembourg, Ireland, the Netherlands, Cyprus, Malta, and the UK.

However, the EU also has a policy of not classifying its member states as tax havens.

The researchers believed that if the UK leaves the EU, and the exit negotiations do not end positively, then the EU will have the capability of classifying the UK as a tax haven.

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EU Banks Booking Profits in Tax Havens

March 27, 2017 International Tax CooperationOffshore Banking

Taxes on banksOXFORD – EU’s biggest banks are seeing millions of dollars being made in profits, in countries where they have no branches or staff.

According to the information contained a in a new report released by Oxfam International on March 27th, approximately a quarter of all profits and activity booked by the 20 biggest banks in Europe is booked through entities located in tax havens.

Oxfam suggested that the activity which is said to transpire in tax havens is actually booked through locations which have few, if any, any bank staff, and, therefore the proportion of profits moving through tax havens is well out of proportion to the economic realities of the bank’s business.

However, if the activity in the tax havens is real, then it would mean that the employees located in tax havens are, on a...

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Bermuda, Caymans, and Netherlands are World’s Worst Tax Havens

December 13, 2016 International Tax Cooperation

Bermuda ranked world's worst tax havenOXFORD – Oxfam has ranked the world’s worst tax havens, as efforts by other international organisations have been inadequate.

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...

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Tax Havens Need to be “Quarantined”

November 16, 2016 International Tax Cooperation

International tax evasionWASHINGTON D.C. – A leading economist is calling for the US and the UK to make it illegal for taxpayers to deal with tax havens.

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...

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Samoa Needs Revenue From Offshore Trusts

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...

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