JOIN THE TAX CAMPAIGN!
AND CALL FOR THE “END OF TAX HAVENS SECRECY”
THE GROWTH OF TAX HAVENS
The emergence of Offshore Financial Centres (OFCs) also known as TAX HAVENS has a complex history, for example, Switzerland have a long history of facilitating banking secrecy, which others (e.g. Bahamas, Cayman Island, Bermuda, Liechtenstein, Mauritius; Luxembourg etc have emulated).. Since the 1980s, the number of OFCs has doubled from about 30 to more than 60. Most (but not all) are sparsely populated small island states, or enclaves in Europe, the Americas, Indian Ocean and Australasia. Many of these OFCs are British Crown Dependencies, or former colonies, and are generally protected by Western hegemons with major capital markets.
Indeed, Offshore Financial Centres have become an integral part of globalization and have provided escape from regulation. They facilitate growing mobility of finance by providing no/low tax, little or no regulation, secrecy and anonymity to enable capital to roam the world. These practices bring about major economic, social and political consequences for people everywhere, but mostly to the poor in developing countries where these funds originate.
DO YOU ALSO KNOW THAT?
TAX HAVENS provide cover for stolen wealth of corrupt leaders and unscrupulous businesses?
Close to $1200 billion dollars leave developing countries annually through capital flight resulting in the loss of about $160 billion in tax revenue annually?
Some G-20 countries have a hidden subsidy by supporting TAX HAVENS which enable them to subsidise their home companies operating through TAX HAVENS and to trade on favourable terms?
Most multinational corporations doing business in developing countries have their parent company registered in tax havens instead of their home countries for purposes some of which include tax dodging?
Tax dodging is also avoiding public accountability and therefore morally unfair and most times legally repudiating to the theory of state and particularly to the poor in developing countries
Join the global campaign to end “TAX HAVEN SECRECY” Go to www.endtaxhavensecrecy.org/en/take-action/ and fill in the e-petition to G20 leaders.
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