Unfair Advantage; The Business Case Against Tax Havens
Business and Investors Against Tax Haven Abuse
Article posted on 05 Feb 2012
Summary: Over the last two decades, there has been a marked increase in the use of international financial centres for the principal purpose of tax avoidance. Several hundred U.S. multinational banks and corporations utilize tax havens to reduce or eliminate their taxes and shift tax responsibilities onto the backs of domestic businesses and individual taxpayers. This report from the US is part of the fight against offshore tax evasion backed by Senator Carl Levin. The report estimates that over $37 billion in tax revenue is lost each year.
Topics: Tax Evasion USA
Member Comments
Eduardo Morgan, 28 Jul 2010 15:40
It is incredible that the authors ignore than the biggest and real Tax Haven is the US. Apparently their ignore that there is no tax on passive investments from foreigners like interests on Bank Deposits, bonds, or capital gains. Furthermore the US not only attracts this investment with its tax free status but gives total anonymity to the investor with the so called QI agreement. Also all the cases against US companies and taxpayers using the so called Tax Havens, cited by the authors, are part of the laws of the US to help American companies compete internationally.
Anonymous, 29 Jul 2010 12:31
...and don't forget the US " onshore offshore" havens like Delaware, which have no regulations requiring identity of beneficial owners or settlors. I see they are proposing bringing these into line by requiring registration of beneficial owners. Levelling the playing field at last!
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