Category: Tax Havens
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Mnuchin’s Offshore Companies Underscore Need to Tackle Tax Havens in Tax Reform
Statement by FACT Deputy Executive Director Clark Gascoigne WASHINGTON – The offshore companies controlled by Treasury Secretary-designate Steven Mnuchin featured prominently in his Senate confirmation hearings held last week in Washington. It was revealed that the former investment banker managed companies with assets in Anguilla and the Cayman Islands, both widely recognized as tax havens.…
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Luxembourg House of Financial Technology (LHoFT)
Nasir Zubairi: Appointed CEO of the LHoFT The Luxembourg government and its partners are pleased to announce the appointment of Nasir Zubairi as CEO of the Luxembourg House of Financial Technology (LHoFT). The LHoFT is a new and exciting public-private sector initiative that will be dedicated to advancing Luxembourg’s fintech ambition. Its founding private sector…
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When A ‘Tax Bonanza’ Is Actually A Huge Corporate Tax Break
There is a push underway for a huge corporate tax break from the next administration. Multinational corporations owe more than $720 billion in taxes on profits stashed in tax havens. They are proposing to bring those profits back if the government lets them pay only a fraction of what’s owed. This is being sold as…
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U.S. PIRG Statement on Treasury Rule to Limit Corporate Tax Avoidance
Statement from U.S. PIRG advocate Michelle Surka on new Treasury Department rule to limit multinational corporate tax avoidance: “We applaud the step the Treasury Department has taken to curb the epidemic of corporate tax avoidance. Based on early analysis, the new rule introduced by the Treasury could recover close to $600 million worth of federal…
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Study: 73% of Fortune 500 Companies Used Tax Havens in 2015
$2.5 Trillion in Offshore Profits, Worth $717.8 Billion in Federal Taxes WASHINGTON – In 2015, more than 73 percent of Fortune 500 companies maintained subsidiaries in offshore tax havens, according to “Offshore Shell Games,” released today by the U.S. PIRG Education Fund, Citizens for Tax Justice and the Institute on Taxation and Economic Policy. Collectively,…
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Rocky road ahead for global anti-tax evasion framework
Finance ministers and central bankers from the Group of 20 countries are working to create an international framework to curb tax evasion, but differing attitudes over the recent back taxes imposed on Apple and other obstacles could stand in the way. There have been growing calls for stricter tax regulations around the world since the…
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Despite global offshore financial market growth slowing in 2015, political and economic unrest will keep the industry afloat
London – 6 September 2016 – While 2015 was a weak year for the global offshore financial market, with growth slowing to 1.6% over the previous year, there are notable differences between offshore centers and their propositions and performances, and wealth managers need to understand these differences to service customers more effectively, according to financial…
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World Bank and IMF: Where do they stand on progressive and responsible taxation?
The IMF and the World Bank are increasingly engaged with the challenge of addressing how tax avoidance and evasion affect developing countries. However, their approach needs to go much further to address the role played by multinational enterprises and tax havens in exacerbating inequality and undermining countries’ domestic revenues. The World Bank and the IMF…
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Greek Government Reports Nearly EU 1 Billion in Tax Evasion Fines, Asset Seizures
The Government of Greece has opened hundreds of tax evasion cases against citizens suspected of hiding assets outside of country borders, already assessing some EU 810 million in fines from suspected scofflaws, according to Special Financial Prosecutor Panagiotis Athanasiou. The government, which began examining suspected income tax evaders in early 2015, recently ratcheted up efforts…