Tax Havens tagged posts

Tax Havens Have No Economic Purpose, Say Economists

May 10, 2016 International Tax Cooperation

Chinese Top Brass Use Tax HavensLONDON – 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...

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World Bank Money Flowing Into Tax Havens

April 12, 2016 International Tax CooperationTaxation In Africa

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...

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UK’s Richest Use Tax Havens to Funnel Up Wealth

March 15, 2016 Taxation in UK

British Virgin IslandsLONDON – By using tax havens to hide their wealth and dodge taxes, the richest people in the UK have managed to grow their wealth by GBP 3.7 million each since the year 2000.

Over the last 15 years the wealthiest people in the UK have used tax havens to help collect more than a quarter of all wealth generated in the country, according to information in a new report published on March 14th by the international non-government organization Oxfam.

In the report Oxfam estimated that in 2000 the total net wealth of people in the UK was approximately GBP 6 trillion, and over the course of the next 15 years the level grew to approximately GBP 10 trillion.

An estimated 26 percent of the wealth increase was enjoyed by the 600 000 people who comprise the richest 1 percent of people in the country, wh...

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30 Countries Black Listed as Tax Havens

June 18, 2015 International Tax CooperationOffshore Taxation

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...

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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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