UK government on Swiss tax deal: TJN was right

   0   0 Blog

In October 2011 we wrote a long report about why a new tax agreement between the UK and Switzerland was doomed to fail. Not only was it a reprehensible amnesty for criminal tax evaders, but it was full of loopholes so egregious it can only have been deliberately crafted with their interests in mind. (If you think that’s hyperbole: why would they create a deliberate and explicit exemption for ‘discretionary’ structures – the bread and butter of British tax-evading structures? See Section 3.1 of the report for the ugly details)

Now we see a report from UK satirical magazine Private Eye:

“The deal was so …poor, and potentially in breach of European law, that a team of officials flew to Zürich last week to begin renegotiating it.”

The agreement originally forecast that the deal would rase up to seven billion pounds, or ten billion or so U.S. dollars’ worth of tax revenues. We predicted they would be lucky to get close to a tenth of that. So far, with the lion’s share of revenues already in, they’ve raised roughly what we predicted.

Related Posts

The Offshore Wrapper: the Panama Papers, one year on

Photos from the Protest outside PwC 1 Embankment Place, part of the Global week of action for tax justiceWelcome to the Offshore Wrapper – your weekly update from TJN.  Happy Paniversary! This week it’s been one year since the Panama Papers were leaked, and a number of organisations around the world have been marking the occasion though the global week of action for tax justice. In London, activists from the TJN and the […]


Protesting PwC: Professionals Without Conscience

Photos from the Protest outside PwC 1 Embankment Place, part of the Global week of action for tax justiceThis week is the global week of action for tax justice and on Wednesday 5th April activists from the Tax Justice Network and Methodists for Tax Justice held a protest outside the London offices of Price Waterhouse Coopers. The global week of action for tax justice is happening one year after the release of the […]


Germany moves forward on corporate transparency

ReichstagThe Bundesrat has today voted to recommend implementing a public register of the beneficial ownership of companies and trusts.  Great news from Germany, as the country takes an important step forward towards corporate transparency.


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 […]


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 […]


Leave a Reply

Your email address will not be published. Required fields are marked *

Back to Top