Links Jun 18

The True Cost of Hidden Money – A Piketty Protégé’s Theory on Tax Havens The New York Times
“What’s beyond question is that there is no economic, political or moral justification for tax evasion – it exists only because of the political influence that wealth buys. A society that fails to fight widespread tax evasion proclaims its own corruption.” For TJN’s view on estimates of the funds hidden in tax havens see here and here.

Petition against the Brazilian World Cup tax breaks: Fifa’s Games
Sign the petition, and see recent blog Brazilians will pay heavily for FIFA’s “obscene” tax abuses

NGOs accuse Glencore of human rights violations swissinfo

Kazakhstan Signs Investor Tax Breaks Into Law Tax-News

Corporate ‘inversions’ are destroying the tax base The Conversation
Prem Sikka points out “People can raze mountains, divert rivers, clear forests and give subsidies, grants and preferential loans as a welcome to corporations, but the companies themselves don’t have any loyalty to communities or the nation-states which nurture them. Their sole concern is profits, and they are off as soon as they can find a better financial deal.” Prem outlines what can be done to redress this situation.

The Tax-Shopping Backstory of the Medtronic-Covidien Inversion Forbes

How to make your EU nation an offshore banking middle man Quartz

No Sweetheart Deal, Ireland To Tell Commission Tax-News

Dutch public prosecutors investigate EU trust office tax evasion Dutch News

US Congress to deny federal contracts to Bermuda-based offshore companies — plan The Royal Gazette
See also recent blog Insurance sector seeking to trick the OECD with giant secrecy loophole?, and Cash hits back at Maher over Bermuda ‘rant’ The Royal Gazette – officials claim Bermuda is not a tax haven, but then they all say that.

Lobby groups ‘see right through’ US state’s financial transparency attempt ICIJ

U.S. Securities and Exchange Commission Faces Mounting Pressure to Act on Oil, Gas, Mining Global Transparency The Huffington Post

Argentina vows to continue fight against ‘vulture funds’ Financial Times Financial Times (paywall)

NZ efforts to stop tax evasion questioned Radio

Tax avoidance company threatens to sue Deloitte City Wire

Recent links from the TJN Germany Blog


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New estimates reveal the extent of tax avoidance by multinationals

Price Waterhouse CoopersNew figures published today by the Tax Justice Network provide a country-level breakdown of the estimated tax losses to profit shifting by multinational companies. Applying a methodology developed by researchers at the International Monetary Fund to an improved dataset, the results indicate global losses of around $500 billion a year. The figures appear in a […]

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Banking Secrecy in China, its related territories and Taiwan

Hong Kong from Sky 100Foreword. The Tax Justice Network is a non partisan network of experts working towards transparency, so we do not take any position about countries’ territorial and political claims. However, we do expect countries with a de jure (legal) or de facto (in practice) influence over other territories, to take responsibility for their power. We point […]

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Is tax avoidance at the heart of Ireland’s economic miracle?

AIB International Finance Centre Dublin - By Estoy Aquí (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia CommonsComing out of the economic crisis Ireland was one of the best performing economies, with GDP growth rates of 8.5% in 2014 and an extraordinary 26.3% in 2015. But how much of this economic activity was real, and how much a fiction created by Ireland’s tax haven status? A new paper by Heike Joebges of the University […]

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New Report: HMRC’s “Building our Future” programme

bigben-mcbigbenfaceYesterday the Tax Justice Network was in the UK Parliament to launch a report it co-produced with the Public and Commercial Services Union. The report, entitled “HMRC, Building an Uncertain Future” is a study of HMRC’s (the UK tax authority) reform plans which it is calling “Building our Future”. The report published yesterday analysed the […]

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Financial secrecy in football: time for action

bigben-mcbigbenfaceEveryone has known for years that football is rotten to the core and financial secrecy is at the heart of the problem. Why then is no one doing anything about it? This post from the Offshore Game project originally features in the Independent. 

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