Treasure Islands- Tax havens and the men who stole the world

By Nicholas Shaxson

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Treasure Islands- Tax havens and the men who stole the world

#1  Postby Jakov » Jul 09, 2011 3:36 pm

From Red Pepper Magazine
Put down this magazine now and rush to your local library or closest bookshop and get your hands on perhaps the most important book to appear in recent years for those who care about social justice.


I've just finished reading it.
The book is about how tax havens undermine our elected governments, hollow out out tax base and corrupt out politicians. They are sustaining a vast criminal economy and creating a new unaccountable aristocracy of corporate and financial power.


Anyone else read it?
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Re: Treasure Islands- Tax havens and the men who stole the w

#2  Postby j.mills » Jul 09, 2011 5:08 pm

I see it's well-reviewed, though it doesn't sound like something that would increase my Overall Happiness. :(

(Red Pepper's still going? :dopey:)
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Re: Treasure Islands- Tax havens and the men who stole the world

#5  Postby tuco » May 29, 2019 6:56 pm

New ranking reveals corporate tax havens behind breakdown of global corporate tax system; toll of UK’s tax war exposed

Decades of tax wars among the world’s richest countries are unravelling the century-old global corporate tax system, new research finds. Forty per cent of today’s cross-border direct investments reported by the IMF – $18 trillion in value – are being booked in just 10 countries that offer corporate tax rates of 3 per cent or less.


[snip]

The Corporate Tax Haven Index has revealed an aggressive dispossession of low income countries’ tax rights spearheaded by the United Arab Emirates, the UK and France. Out of all double tax treaties7 negotiated by jurisdictions ranked by the Corporate Tax Haven Index with low income and lower middle income countries, 75 per cent secured reduced withholding tax rates from low income and lower middle income countries that were below the average withholding tax rates those countries offered, in so doing stripping away poorer countries’ few defences against illicit financial flows.


[snip]

The Corporate Tax Haven Index documents the sobering hypocrisy of the European Union. Excluding the UK, the EU is responsible for over a third (35 per cent) of the world’s corporate tax avoidance risks as measured by the Corporate Tax Haven Index.


Alex Cobham, chief executive at the Tax Justice Network wrote:“The hypocrisy revealed by the Corporate Tax Haven Index is sickening. A handful of the richest countries have waged a world tax war so corrosive, they’ve broken down the global corporate tax system beyond repair. The UK, Netherlands, Switzerland and Luxembourg – the Axis of Avoidance – line their own pockets at the expense of a crucial funding stream for sustainable human progress. The ability of governments across the world to tax multinational corporations in order to pay teachers’ wages, build hospitals and ensure a level playing field for local businesses has been deliberately and ruthlessly undermined.

“When our laws for taxing global corporations stop working, the global economy stops working for the vast majority of us. All around us we see inequalities go unaddressed, political extremism unchallenged and democratic institutions faltering – and the thread that runs through it all is a failure to defend progressive taxation. To curtail the corporate tax avoidance that costs hundreds of billions of dollars every year, governments must finally deliver international rules that ensure profits are declared, and tax paid, in the places where real economic activity takes place. Corporations should be taxed where their employees work, not where their ledgers hide.”



https://www.taxjustice.net/2019/05/28/n ... r-exposed/

----

Do any political parties have this issue in their rulebooks, as their priority? I don't think I know any.
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Re: Treasure Islands- Tax havens and the men who stole the world

#6  Postby Alan B » May 29, 2019 8:03 pm

I'm sure this 'revelation' has a direct bearing on some of the thinking behind Brexit...
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Re: Treasure Islands- Tax havens and the men who stole the world

#7  Postby tuco » May 29, 2019 8:53 pm

I kinda like the Axis of Avoidance, this guy seems to have talent :)

BBC take: Channel Islands 'among worst tax havens' worldwide

The new index contradicts the European Union's removal of the Channel Islands from their tax haven "grey list" in March.

However Mr Christensen said that the EU system was "flawed from the start", and that they would not blacklist it's own members or their dependencies.

An EU Commission spokesperson said that, by international standards, no member state can be described as a tax haven and the criteria for non-EU countries is the same.

Their process had proven to be a "true success", with many jurisdictions adapting to international standards, they added.

A UK government spokesperson described tacking tax avoidance as a "priority" and said they had been at the "forefront of international action".


https://www.bbc.com/news/world-europe-jersey-48354081
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Re: Treasure Islands- Tax havens and the men who stole the world

#8  Postby Blackadder » May 30, 2019 8:17 am

Andorra, Liechtenstein, San Marino, Monaco, Channel Islands, Luxembourg. Given the upheavals and transfers of sovereignty that have taken place in Europe in the last 150 years, you do wonder how these little principalities have survived without being swallowed up by their larger neighbours. Tax (or lack of it) seems to be a big part of the answer.
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Re: Treasure Islands- Tax havens and the men who stole the world

#9  Postby juju7 » May 30, 2019 10:31 am

Blackadder wrote:Andorra, Liechtenstein, San Marino, Monaco, Channel Islands, Luxembourg. Given the upheavals and transfers of sovereignty that have taken place in Europe in the last 150 years, you do wonder how these little principalities have survived without being swallowed up by their larger neighbours. Tax (or lack of it) seems to be a big part of the answer.

It might have something to do with the fact that high net worth individuals tend to have influence in the governments that tolerate the tax havens. Perhaps I am cynical?
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Re: Treasure Islands- Tax havens and the men who stole the world

#10  Postby Alan B » May 30, 2019 11:34 am

juju7 wrote:
Blackadder wrote:Andorra, Liechtenstein, San Marino, Monaco, Channel Islands, Luxembourg. Given the upheavals and transfers of sovereignty that have taken place in Europe in the last 150 years, you do wonder how these little principalities have survived without being swallowed up by their larger neighbours. Tax (or lack of it) seems to be a big part of the answer.

It might have something to do with the fact that high net worth individuals tend to have influence in the governments that tolerate the tax havens. Perhaps I am cynical?

No, you're not being cynical. The high net worth individuals do not tend to have influence - they actually 'lobby' (where money passes hands) and financially 'contribute' to the political party of choice. A more accurate term would be 'bribery' - pure and simple,
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