Bureau Recommends: Report names and shames global tax havens
The global system that allows companies to hide their tax affairs has barely been reformed despite a G20 pledge in 2009.
Figures released by the campaign group Tax Justic Network today reveal that the tax haven infrastructure still supports malpractice and global crime.
Switzerland, the Cayman Islands, Luxembourg, Hong Kong and the US are placed among the top of the league in providing secrecy.
The UK, Jersey and Bermuda also figure prominently in the campaign group’s ‘dirty dozen’ worst offenders.
However the Treasury responded saying that it did not recognise the picture being presented by the index. It said that the government had demonstrated a clear commitment to tackling the issue.
The report claims that the role of endemic tax evasion is being downplayed in the current Greek sovereign debt crisis because major G20 powers – the UK, France and Germany – are all tax haven beneficiaries.
Data for the report was compiled from OECD and IMF figures. The campaigners also surveyed finance ministers directly about their tax agreements and disclosure rules.
