Life’s full of surprises, some pleasant, some not so much. Imagine you had undeclared offshore assets when the global financial crisis struck, and you’ve nervously watched the world move towards TJN ‘s proposal for multilateral, automatic information exchange. Until now you’ve probably felt ok, and that you had a choice between two moves. Either you could say ‘Ok, the game’s up – I’ll use an amnesty or some kind of disclosure facility, and go straight’; or you could decide to keep hidden, using the new loopholes that are being actively promoted in Switzerland and elsewhere.
You probably weren’t worrying too much about the past though. Information exchange will relate to existing holdings, so you just need to get things lined up before it kicks in (from September 2017 or after). But as India’s Economic Times reports,
“The worst fear of those with secret offshore bank accounts and private trusts is coming true — some tax havens are ready to part with ‘old’ records and even details of trusts and foundations that no longer exist.”
World Public Services Day – campaign highlights Global Alliance for Tax Justice
Want to fund better public services? End corporate tax dodging PSI / The Guardian
Expiry date in tax havens? Jersey shares ‘old’ records of trusts & foundations The Economic Times
‘The worst fear of those with secret offshore bank accounts and private trusts is coming true…’
Why MEPs should vote in favour of releasing public country-by-country reporting as open data Open Knowledge International Blog
Transparency in Corporate Ownership Key to Breaking India’s Financial Secrecy Financial Transparency Coalition
LuxLeaks: Luxembourg’s response to an international tax scandal Financial Times
‘Damaging attacks on sweetheart deals have forced policy changes’
US senators renew effort to outlaw shell companies Financial Times
‘US lawmakers are launching a fresh effort to outlaw “shell companies” amid fears that Russia is exploiting such opaque corporate vehicles to spread its influence.’
Strengthened EU rules to tackle money laundering, tax avoidance and terrorism financing enter into force European Commission – Press release
Tax havens really do mess up our economy Tax Research UK
As we mentioned recently on our blog the 3rd International Conference on Beneficial Ownership Registries took place in Buenos Aires on June 21st-22nd at Argentina’s Central Bank. This was another successful event attended by the Tax Justice Network’s Andres Knobel, who reports back to us here on the dicussions there:
We recently blogged on how the Finance Curse is expected to tighten its grip on the British economy in the coming five years. In this short video, TJN’s John Christensen, who coined the term with author Nicholas Shaxson and worked in offshore finance for many years, explains what the Finance Curse is and how it harms Britain as a whole.
The 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.