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Jim Rogers – EU after tax havens
Jim Rogers spending drift of the European politicians pushes the EU more and more towards a breakup. The latest (non) growth and the rising unemployment driv…
By: TopDiCapo
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Jim Rogers – EU after tax havens – Video
EU attack tax havens, instead of cutting their spending (17May13)
The corrupt European Union want tax havens to open their books to who has accounts with thise countries like the Swiss claiming they are short of tax money. The reality is, the crooked governments…
By: liarpoliticians
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EU attack tax havens, instead of cutting their spending (17May13) – Video
The Chancellor has demanded Britains offshore tax havens do more to crackdown on illegal evasion as he sought to strengthen a potentially ground-breaking deal to stamp out the criminal activity.
Under a pilot project between Britain, Germany, France, Italy and Spain, tax information will automatically be shared if there is any suspicion of illegal evasion. The agreement goes further than existing bi-lateral exchanges between countries, under which information has to be requested.
George Osborne said the project could be a new front in the battle against tax cheats, and used the G7 weekend meeting of advanced country finance ministers in Buckinghamshire to hint at plans to extend the scheme to developing countries.
Im determined that tax that is owed must be paid, he said. We all agreed on the importance of collective action to tackle tax avoidance and evasion.
Its incredibly important that companies and individuals pay the tax that is due, and this is important not just for Britain and British taxpayers but also important for many developing nations as well.
Britains offshore tax havens, such as the Cayman Islands and the British Virgin Islands, are signed up to the multi-lateral pilot arrangement, but the Chancellor said they needed to go further as some states are currently not part of an existing deal with the US.
It is necessary to collect tax that is owed. And the Crown dependencies and the overseas territories need to play their part in that drive. And they will need to do more, he said.
The UK has made tax evasion and aggressive tax avoidance a key plank of its G7 and G8 presidencies this year, and will be pushing for a new European directive on automatic information exchange at the Ecofin meeting of finance ministers this Tuesday.
Austria and Luxembourg have so far blocked progress towards greater tax transparency but are coming under mounting pressure to sign up. Defending their position in the past, they have argued that the UK had failed to crackdown on its own tax havens.
However, both Britains overseas territories and Crown dependencies are signed up to the multi-lateral deal with Germany, Spain, France and Italy weakening Austria and Luxembourgs position.
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Osborne: Offshore tax havens 'must crackdown on illegal evasion'
Poorer nations lose three times more money to havens a year than they get in aid. The G8 has the chance to change this The Guardian has brought yet more news about the widespread use of tax havens by some of the world's largest multinationals operating in developing countries. From ActionAid's own investigations we know that these tax havens can all too often provide vehicles for tax avoidance …
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Tax havens are entrenching poverty in developing countries | Richard Miller
Ninety-eight FTSE 100 groups are running holding companies offshore.
And nearly 40 per cent of their 22,000 overseas subsidiaries and associated concerns are registered in tax havens.
ActionAid said that despite government talk of a crackdown on havens and tax-doding, the situation has only got worse and is having a devastating effect on poor countries.
Ten FTSE 100 multinationals have their headquarters in tax havens, up from nine in 2011.
Seventy-eight of the FTSE 100 do business in developing countries and ActionAid said tax havens were allowing multinationals and individuals to siphon off billions of pounds from the world’s poorest countries.
The charity’s tax justice policy adviser Mike Lewis said: “Tax havens are one of the biggest hidden obstacles in the fight against global poverty.
“Poor countries lose an estimated three times more money to tax havens than they receive in aid each year – money needed to build roads, fund schools and finance developing countries’ own fight against hunger and poverty.
“Four years after G20 leaders promised an end to tax havens, tax haven structures are near-universal amongst the UK’s biggest multinationals.”
He called on the G8 leaders, meeting in Northern Ireland next month, to “call time on tax havens for the benefit of all countries, including the poorest.”
Labour shadow exchequer secretary Catherine McKinnell said: “These figures show the scale of the challenge we face in tackling tax avoidance.
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FTSE100 firms flock to tax havens
By Matt West
PUBLISHED: 05:09 EST, 13 May 2013 | UPDATED: 07:19 EST, 13 May 2013
Only two FTSE 100 companies do not have offshore subsidiaries based in tax havens, research from the charity ActionAid revealed today as it called on the Prime Minister and leaders of the G8 industrialised nations to do more to end tax avoidance by the worlds largest corporations.
ActionAid found Footsie companies had 22,000 offshore subsidiaries of which 40 per cent – more than 8,000 – were located in tax havens.
The findings come as David Cameron meets with US President Barack Obama to discuss a US-EU free trade agreement, which the Prime Minister believes would benefit the UK economy to the tune of 10billion a year and ahead of next months G8 Summit in Northern Ireland.
Tax avoidance: ActionAid’s research found 98 out of the 100 companies that made up Britain’s leading share index used offshore subsidiaries based in tax havens.
Writing in the Wall Street Journal today Mr Cameron said: This deal could add as much as 10billion to the British economy and 63billion to US GDP. But the rest of the world would benefit too, with gains that could generate 100billion (850billion) worldwide.
The research also comes less than a month after Chancellor George Osborne warned the Cayman Islands and British Virgin Islands that they risked losing their status as British Crown dependencies if they did not end their tax haven status.
On Saturday, at a meeting of G7 finance minister the Chancellor repeated his call for international action to fight tax avoidance adding it was incredibly important that companies and individuals pay the tax that is due.
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Fresh call for crackdown on use of tax havens as UK's top firms found to be prolific users of offshore subsidiaries
Bryn Gough Memorial Debate – Are Tax Havens Immoral? Part 2
debate.
By: Sabiha Mahmoud
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Bryn Gough Memorial Debate – Are Tax Havens Immoral? Part 2 – Video
Bry Gough Memorial Debate – Are Tax Havens Immoral? Part 4
debate.
By: Sabiha Mahmoud
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Bry Gough Memorial Debate – Are Tax Havens Immoral? Part 4 – Video
VOAvideo news post on 11 May 2013-Report Claims Tax Havens Cost Africa $38 Billion a Year
VOAvideo news post on 11 May 2013 www.youtube.com/khornyoura always make you know about social action politic and hot news in cambodia. finally thank for vis…
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VOAvideo news post on 11 May 2013-Report Claims Tax Havens Cost Africa $38 Billion a Year – Video
Report Claims Tax Havens Cost Africa $38 Billion a Year
Campaigners are calling for the world's richest countries to end so-called tax havens, which allow companies to transfer profits among jurisdictions and redu…
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Report Claims Tax Havens Cost Africa $38 Billion a Year – Video
Report Claims Tax Havens Cost Africa $38 Billion a Year by VOAvideo news post on 11 May 2013
VOAvideo news post on 11 May 2013-Report Claims Tax Havens Cost Africa $38 Billion a Year www.youtube.com/khornyoura always make you know about social action…
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Report Claims Tax Havens Cost Africa $38 Billion a Year by VOAvideo news post on 11 May 2013 – Video
Report: Tax Havens Cost Africa $38 Billion a Year NEW
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Report: Tax Havens Cost Africa $38 Billion a Year NEW – Video
Published: 12:16am, 13th May 2013
Two thirds of all the subsidiary and associate companies of the UK’s 100 biggest publicly-listed businesses are registered in tax havens, according to research by a charity.
ActionAid – which fights against poverty around the world – said despite a promised government crackdown on tax havens and scandals over tax avoidance, the number of FTSE100 companies with offshore havens has not dropped.
It called upon David Cameron to tackle the issue at the G8 summit in June, and said the world’s poorest countries were suffering because their wealth was being “siphoned” away.
The charity’s analysis of the FTSE100′s subsidiaries, joint ventures and associated companies were compared to similar research released 18 months ago. It found the number of FTSE100 multinational groups with companies in tax havens – 98 – is the same as it was in October 2011, and ten of them have their headquarters in tax havens – up from nine in 2011.
The study revealed 78 of the FTSE100 do business in developing countries, and every new entrant to the FTSE100 since 2011 has tax haven companies. Nearly 9,000 the FTSE100′s 22,000 overseas companies are located in tax havens, and while the total number of overseas companies decreased since 2011, the proportion of those located in tax havens rose from 37.8% to 38.2%.
ActionAid said tax havens were allowing multinational companies and wealthy individuals to drain billions of pounds from poor countries.
Mike Lewis, the charity’s tax justice policy adviser said: “Tax havens are one of the biggest hidden obstacles in the fight against global poverty. Poor countries lose an estimated three times more money to tax havens than they receive in aid each year – money needed to build roads, fund schools and finance developing countries’ own fight against hunger and poverty.
“Four years after G20 leaders promised an end to tax havens, tax haven structures are near-universal amongst the UK’s biggest multinationals. Now, with David Cameron promising action on tax havens at this year’s G8, the problem is on the UK’s doorstep. The UK is responsible for 1 in 5 of the world’s tax havens – that’s more than any other country.”
The ActionAid researchers found 58% of FTSE100 banks’ overseas companies were in tax havens – 1,780 – and almost a third of the countries in which Ftse100 banks operated were developing countries, yet they have 13 times as many companies located in tax havens as in developing countries.
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Charity demands tax havens action
Campaigners are calling for the world’s richest countries to bring an end to so-called tax havens, which allow companies to transfer profits between jurisdictions and reduce their bills. An investigation headed by former U.N. Secretary General Kofi Annan has concluded that the practice costs Africa $38 billion a year in lost revenue. Campaigners claim multinational corporations are costing developing countries billions of dollars in lost revenue by transferring their profits to tax havens.
Melanie Ward is spokesperson for the ‘Enough For Everyone If’ campaign.
“I think a lot of people here in the U.K. and around the world are fed up with tax dodging,” said Ward. “They are fed up with a system where the rich and powerful play by a different set of rules to everybody else.”
Tax havens and low tax jurisdictions – like Ireland – provide a level of secrecy and enable companies or wealthy individuals to cut their expenses, says Professor Ronen Palan of City University London.
“These countries offer very low taxation, either to corporations or to individuals. And specifically they target non-residents,” said Palan.
The Africa Progress Report, written by a panel of 10 prominent figures including former UN Secretary General Kofi Annan, concludes that African countries lose $38 billion a year through tax havens. Professor Palan cites more statistics.
“Africa exported about $1 trillion of capital in the last 30 years whereas inward investment in terms of FDI [Foreign Direct Investment] or aid is about $300 billion. So Africa is losing capital. Africa, or sub-Saharan Africa, is actually funding development elsewhere,” he said.
The charity ActionAid alleges that brewing giant SABMiller uses a complex system of tax havens to siphon profits out of developing countries like Ghana. SABMiller denies that it exploits tax havens. It says in 2010 it paid more than $249 million in corporate taxes in sub-Saharan Africa and India.
ActionAid also alleges that Associated British Foods uses a network of subsidiaries to reduce its tax liabilities in Zambia by millions of dollars. Associated British Foods says ActionAid’s analysis is “incomplete at best and factually wrong in places.” Some argue that tax havens actually facilitate investment in the global economy, says Mark Littlewood, Director General of the Institute for Economic Affairs in London.
“This idea that, sort of, Western companies that are tax efficient are exploiting these places rather than bringing inward investment to them, I think, is a rather neo-imperialist old style way of looking at the world. We want more of that inward investment. That creates jobs and creates growth in some of the poorest countries in the world,” said Littlewood.
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Report: Tax Havens Cost Africa $38 Billion a Year
Enough Food IF campaigners warn UK tax havens’ destructive impact on poor countries is the ‘elephant in the room’ at the G7 finance ministers meeting(Photo: Oxfam)
Development agencies are urging the Chancellor to take the lead in ending tax dodging at a meeting of G7 finance ministers this week.
The IF campaign said UK tax havens were the “elephant in the room” at the meeting, which gets underway on Friday.
Campaigners warn that developing countries are losing out on vital income that could be used to ensure their people have enough food to eat.
They are disappointed that the UK’s tax havens are not on the agenda at this week’s meeting, saying it should be an opportunity to fulfil David Cameron’s commitment at Davos to use this year’s G8 to clamp down on tax dodging in poor countries.
With one in five of the world’s tax havens under UK jurisdiction, IF campaigners are asking the Chancellor to lead the way by implementing a 90-day plan to clampdown on the UK’s own tax havens.
People have been tweeting George Osborne throughout the day to show their support for the IF campaign’s call.
To highlight the need for change, a pop-up boardroom was set up next to the Treasury in central London, complete with a large inflatable elephant and a campaigner dressed as George Osborne.
Matthew Frost, chief executive of IF member organisation Tearfund said: “As Christians, we believe that we must handle money with integrity.
“Tax avoidance is a scourge on our world, and millions of people suffer as a result of the greed and selfishness of some very rich people and companies.
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George Osborne urged to clamp down on tax havens
OTTAWA – The Canadian government says it may be getting access to 2.5 million files on offshore tax havens that were leaked to the media last month.
The U.S. announced Thursday it was teaming up with Australia and the U.K. in an effort to expose tax cheats from around the world.
The American Internal Revenue Service says it has acquired substantial data about assets hidden in Singapore, the British Virgin Islands, the Cayman Islands and the Cook Islands.
Revenue Minister Gail Shea says Britain has agreed to share information relevant to Canada and Canadian officials have made formal requests to their American and Australian counterparts.
The statement didn’t make it clear whether the U.S. and Australia have agreed to share the information but the IRS has said it was willing to share its information with other countries.
The offshore tax information leaked to the media last month came via the International Consortium of Investigative Journalists.
The CBC was one of the media outlets that received the information but refused to hand it over to the federal government.
It was not immediately clear why Canada wasn’t included in the investigation being launched by the U.S. and the other two countries.
On Wednesday, the Canadian government announced it was creating a team of six to 10 bureaucrats that would be devoted to pinpointing tax evaders.
— with files from the Associated Press
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Taxman may have a bead on offshore tax havens: Government says
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