Tax Havens tagged posts

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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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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Tax Havens Benefit Global Economy

June 26, 2013 Tax Havens

A Paradise of the tropics.LONDON – Tax havens have received an unfairly bad rap in recent times, according to new research which points to their benefits.

Late last week the UK based think tank the Institute of Economic Affairs released a new report claiming that tax haven jurisdictions help facilitate international business and aid in maintaining healthy economies.

According to the Institute, countries with high tax rate are able to attract more mobile capital if investors are able to lower their tax obligations by using a entity registered in a tax haven.

If tax havens did not exist, high tax country would be left in a position of not being able to attract any capital from overseas, and these jurisdictions would be forced to lower their own tax rates.

The author of the report Jamie Collier suggested that tax have...

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Taxation is the Key to Ending Poverty

May 23, 2013 International Tax CooperationOffshore TaxationTax Havens

Maslakh Camp for Displaced, AfghanistanBRUSSELS – 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...

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UK Companies Over-Use Tax Havens

May 10, 2013 Tax HavensTaxation in UK

tax evasion in developing countriesLONDON – Almost all of the UK’s largest companies have subsidiaries in tax havens, and the active use of offshore structures may be depleting the tax revenues in developing countries around the world.

In a press release issued on May 12th the international charity group ActionAid struck out at businesses listed on the FTSE 100 for their widespread use of offshore subsidiaries, claiming that “…tax havens remain a key link in the chain that lets multinational companies and wealthy individuals drain billions from poor countries.”

According to ActionAid, 98 of the the UK’s biggest companies now have subsidiaries registered in countries considered to be tax havens.

The large companies currently have approximately 22 000 subsidiaries registered outside of the UK, and nearly 40 percent of th...

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