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

UN must defend target to curtail multinational companies’ tax abuse

Photo by Luca Santori, Creative Commons LicenseThe Tax Justice Network, The Independent Commission for the Reform of International Corporate Taxation, and the Global Alliance for Tax Justice call on the UN Secretary General to make sure the commitment to action on tax abuses by multinational companies remains part of the new UN Sustainable Development Goals.


The BVI: Responsible for worldwide tax losses of $37.5 billion a year

BVI report blogAn extraordinary report by consultants Capital Economics, for BVI Finance, claims that the British Virgin Islands are responsible for $1.5 trillion of assets invested around the world, and that these result in 2.2 million jobs and $15 billion in tax revenue. A better approximation would be that the BVI imposes global tax losses of $37.5 […]


Event: Making Tax Work for Women in the UK and Globally

Invitation_ Tax and Gender eventOn Wednesday 28th June 2017 at 16.30 our very own Liz Nelson will be speaking at an event in London that aims to bring together gender and tax justice advocates to highlight the need for coherent and gender-responsive fiscal policies to safeguard the rights of women and girls both in the UK and globally. The […]


Historic event on women, human rights and tax justice in Bogota

BogotaLast week civil society organisations, researchers, labour union activists and policy makers met in Bogota, Colombia to explore how tax justice issues can ensure governments, multinational corporations and others meet their obligations to women in order to secure their full range of human rights. The Women’s Rights and Tax Justice conference opened with a conversation […]


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 […]


Leave a Reply

Your email address will not be published.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

Back to Top