Some of these people in those crisp white shirts in their sharp suits are feeding off the tragedy of people dying all over the world~ Martin Woods, a former suspicious transactions investigator for Wachovia, quoted by BuzzFeed. Alex Cobham, chief executive at Tax Justice Network, said: "The … [Read more...]
Press Releases
Hypocrisy of “frugal” Netherlands lambasted by tax haven watchdog
New analysis shows simple tax transparency measure could raise $20bn across the EU annually – and set the course to end European tax havenry With the European Union set to resume troubled negotiations over a recovery fund that could provide the necessary support for countries hit hardest by the … [Read more...]
Watershed data indicates more than a trillion dollars of corporate profit smuggled into tax havens
This blog is also available in French and German. UK, Switzerland, Luxembourg and the Netherlands – the “axis of tax avoidance” – are responsible for 72 per cent of global tax losses Analysis of new OECD data published yesterday, on the basis of a reporting standard developed by the Tax … [Read more...]
Scotland joins wave of countries blocking tax haven-tied corporations from receiving Covid-19 bailouts; Tax Justice Network responds
Green Party country by country reporting amendment adds urgency to global calls for the tax transparency measure The Scottish Government has backed a Green Party amendment to exclude corporations registered in tax havens, or with subsidiaries or other arrangements in tax havens from receiving … [Read more...]
UK u-turns on commitment to tax transparency, giving up £10 billion in corporate tax
The Tax Justice Network has raised the alarm on the UK's regression into tax havenry The UK missed out on collecting £2.5 billion a year in corporate tax from multinational corporations due to the UK government failing to exercise a 2016 tax transparency law designed to prevent billions in … [Read more...]
EU loses over $27 billion in corporate tax a year to UK, Switzerland, Luxembourg and Netherlands
"Axis of tax avoidance” cost EU 12 times budget of ERC, Europe’s Nobel prizes winning science body EU member states are losing over $17 billion in corporate tax a year from US firms abusing the law to shift their profits into the UK, Switzerland and Luxembourg, where corporate tax rates in … [Read more...]
Bail, or bailout? Tax experts publish 5-step test for Covid19 business bailouts
A Portuguese translation of this article is available here. A Spanish translation is available here (external website). Following bans from Denmark, Poland and Argentina on companies registered in tax havens from receiving Covid19 bailouts[1], the Tax Justice Network has published a “bail or … [Read more...]
Revealed: Netherlands, blocking EU’s Covid19 recovery plan, has cost EU countries $10bn in lost corporate tax a year
Italy, Spain among biggest losers of corporate tax to Netherlands, analysis of billions in tax abuse reveals EU countries locked in negotiations over a recovery plan to help member states hit hardest by the Covid-19 pandemic have been revealed to be losing over $10 billion in corporate tax a year … [Read more...]
Financial Secrecy Index 2020 reports progress on global transparency – but backsliding from US, Cayman and UK prompts call for sanctions
US overtakes Switzerland in global ranking of financial secrecy hotbeds, Cayman leaps over both to top of the index The US has overtaken Switzerland in a global ranking of countries most complicit in helping individuals to hide their finances from the rule of law – but Cayman has leapfrogged both … [Read more...]
EU blacklists UK’s crown jewel tax haven while letting other tax havens off the hook
EU blacklist adds Cayman but addresses only 7% of global financial secrecy, while UK’s ‘Singapore on Thames’ threat looks increasingly self-defeating The EU will add British territory Cayman to a blacklist of non-cooperative jurisdictions on Tuesday, firing a shot across the City of London’s bow … [Read more...]
Businesses, campaigners back global tax standard to tackle $500bn corporate tax abuse epidemic
The Global Reporting Initiative has today launched a new tax transparency reporting standard expected to prevent billions in tax from being smuggled into corporate tax havens. Developed in consultation with businesses, investors, civil society groups, labour organisations, accounting firms and tax … [Read more...]
OECD reform weak on corporate tax havens, harsh on poorer countries
Hopes dashed as OECD’s reform plans expected to reduce profits booked in corporate tax havens by only 5 per cent Additional tax recovered from corporate tax havens will mainly benefit richest countries, while lower-middle income countries’ tax base is expected to shrink, analysis revealsCampaigners … [Read more...]
Mauritius Leaks: Global tax system is corroded beyond use – Tax Justice Network response
Commenting on the Mauritius Leaks, Chief Executive at the Tax Justice Network Alex Cobham said: “The revelations coming out of Mauritius are yet more proof of the fact that the international rules we have for taxing multinational corporations and wealthy individuals have been corroded beyond use. … [Read more...]
Response to Crown Dependencies’ beneficial ownership plans: “The opposite of leadership”
Guernsey, Jersey and the Isle of Man have today announced a series of steps regarding each jurisdiction’s central register of beneficial ownership information of companies. Responding to the announcement, John Christensen, Director at the Tax Justice Network, said: “This is the opposite of … [Read more...]
The UAE and Mauritius are the most corrosive corporate tax havens against African countries – Tax Justice Network Africa
Following the Tax Justice Network's publication of the Corporate Tax Haven Index earlier this week, Tax Justice Network Africa released the following statement highlighting the damage wrought by corporate tax havens on African countries. Press Release - UAE and Mauritius are the most corrosive … [Read more...]
