More than a trillion dollars of corporate profit smuggled into tax havens
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Latest tax justice stories
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Watershed data indicates more than a trillion dollars of corporate profit smuggled into tax havens
Analysis of new OECD data published yesterday, on the basis of a reporting standard developed by the Tax Justice Network, has tracked for the first time $467 billion worth of corporate profit shifted by multinational firms into corporate tax havens, with associated corporate tax losses of $117bn.
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Tax Justice Network’s offshore wealth estimates have just been validated by the OECD
The OECD has published data showing that financial accounts holding more than ten trillion euros are now the subject of multilateral, automatic information exchange – a longstanding tax justice goal that the OECD had long resisted. Now James Henry, a senior adviser to Tax Justice Network, explains how this data confirms the approach of those earlier estimates.
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It’s got to be automatic: Trillions of dollars offshore revealed by Tax Justice Network policy success
This is a moment, in these strange times, to celebrate an ongoing success in the history of the tax justice movement. The OECD has announced that “nearly 100 countries carried out automatic exchange of information in 2019, enabling their tax authorities to obtain data on 84 million financial accounts held offshore by their residents, covering total assets of EUR 10 trillion”.
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Hypocrisy of “frugal” Netherlands lambasted by tax haven watchdog
New analysis published by the Tax Justice Network shows EU governments can raise nearly $20 billion in corporate tax from the largest corporations by immediately requiring multinational firms to publish their country by country reporting data.
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UN FACTI Panel envisages major global reforms
Following its launch earlier this year, the Panel has consulted widely with member states, civil society and experts from all areas of its broad mandate, the global architecture within which illicit financial flows take place.
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A response to the European court’s bad Apple ruling
Apple decision confirms that the European Union’s rules against state aid are not up to the job of preventing EU member states operating as tax havens. Powerful tax justice reforms are needed, rather than broader application of state aid rules.
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In Apple’s victory lies a defeat for women’s rights
At its core this story is one of unfair advantage. Unfair to the small and medium businesses both in Ireland and in other countries that have not been offered a favourable tax treatment. But more so it piles hardship on the people who need their governments to maximise available resources.
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Tracking illicit financial flows vulnerabilities
A five Great British Pound note
Track your country’s vulnerability to illicit financial flows with our new vulnerability tracker
How vulnerable is your country to illicit financial flows, aka illegal money transfers? Illicit financial flows damage economies and societies everywhere but the challenge of spotting where risks stem from has made tackling these illegal flows difficult. Our new Illicit Financial Flows Vulnerability Tracker helps solve this problem. Use the tracker to identify the trading partners and channels that pose the greatest vulnerability to your country.
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A five Great British Pound note
Taking Panama to task: Women’s rights trampled by financial secrecy
Panama’s financial system continues to expose other countries to a significant risk from illicit financial flows. This includes abusive cross-border tax practices, which syphon away resources needed for the fulfilment of women’s rights.
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Pandemic of tax injustice in Ukraine
The Ukrainian government took the pandemic as an opportunity to further shift the tax burden from the rich to the poor, while Tax Justice Network’s new illicit financial flows tool confirms the country is vulnerable to profits shifting to tax havens and bank deposits outflows.
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Road to robust beneficial ownership registration
A five Great British Pound note
Beneficial ownership transparency in Africa: The state of play in 2020
Leak after leak has confirmed what African citizens have long suspected: the elite hide their actions and identities to loot state resources and reduce taxes owed. A new study published by the Tax Justice Network Africa and Tax Justice Network examines one of the steps African countries are taken to address this issue: beneficial ownership transparency.
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The role of banks and digitalised beneficial ownership registries: way more than just reporting discrepancies
This month, the Tax Justice Network co-hosted a fourth call with the multi-stakeholder group to promote beneficial ownership verification. The call covered two topics: how can countries share confidential information and apply advanced analytics to detect red flags.
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Beneficial ownership definitions: determining “control” unrelated to ownership
Most beneficial ownership definitions are based on ownership thresholds or voting rights. But there are ways to control a company without holding any shares. This brief explores some of these gaps and proposes ways for authorities to address them.
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Exploring UK companies’ legal ownership chains to detect red flags and verify beneficial ownership information: Part 1
We applied advanced analytics to Orbis data to identify patterns and red-flags in the ownership chains of UK companies. 74 per cent of UK companies had very simple ownership chains; 5 per cent had more than 5 layers in their chain; only 0.5 per cent had more than 10 layers. We investigate a company with 23 layers.
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