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In July 2012, following a study into wealthy individuals with offshore accounts, the Tax Justice Network published claims regarding deposits worth at least $21 trillion (£13 trillion), potentially even $32 trillion, in secretive tax havens. As a result, governments suffer a lack of income taxes of up to $280 billion. [6] [7] [8]
Offshore tax havens used by individuals and corporations cost governments trillions of dollars annually. ... A Financial Secrecy Index produced by the Tax Justice Network ranks Switzerland and the ...
While related to tax havens, the FSI is not a list of tax havens per se, and it does not attempt to estimate actual taxes avoided or profits shifted, unlike the techniques used in compilation of modern tax haven lists. The FSI is therefore more correctly a list of financial secrecy jurisdictions. While having many similarities to tax havens ...
It addresses tax evasion, tax havens, offshore financial centres, tax information exchange agreements, double taxation and money laundering. In 2000, the Forum published a blacklist of 35 tax havens, which by 2009 had shrunk to zero. It has since focused on increasing the standard for exchange of information.
The outlook for systemic global tax reform. While the Tax Justice Network was initially hopeful that OECD tax reform efforts that started a decade ago might reduce global tax abuse, those efforts ...
The Paradise Papers have also cited Malta among a list of tax havens. However, officials insist that they have complied with EU laws. Though local companies pay a corporate tax rate of 35%, some ...
Despite this, Panama does not appear on the Tax Justice Network's top ten list for financial secrecy, [13] with Alex Cobham of Tax Justice Network saying "There is a double standard: many developed countries host or support jurisdictions where there is an absence of financial transparency". [14]
The 500 largest American companies hold more than $2.1 trillion in accumulated profits offshore to avoid U.S. taxes and would collectively owe an estimated $620 billion in U.S. taxes if they ...