Financial Transparency Coalition

The World Bank Group’s new policy on offshore financial centers will aim to improve the effectiveness of its private sector arm by helping countries tackle tax evasion but effective rules must be made for partner companies. As part of the World Bank Group, The International Finance Corporation (IFC) has a mission to promote development. The IFC uses public aid money, to fund private companies’ operations in poor countries, which should generate growth and increased government revenues. But reports by IBIS and Eurodad found these companies using tax havens, taking revenue from those countries that they are meant to benefit.

On International Anti-Corruption Day, the US should not enable corruption The Hill (Op-Ed), December 9, 2011 India among best in fight with tax evasion Zeebiz (India), December 9, 2011 Human rights abuses? Blame the parents The Guardian (blog), December 9, 2011 Statement at the UN High-Level Dialogue on Financing for Development Statement at the UN

Is it a coincidence that the UN’s International Anti-Corruption and Human Rights Days follow on consecutively. (Friday 9 and Sat 10 December)? Possibly not. After all, human rights abuse and corruption are linked. Not least by opaque corporate ownership structures that can prevent legal redress

In 1992 the U.S. Supreme Court made a decision that directly affected the profitability of future powerhouse online retailers like Amazon.com and Overstock.com. In Quill v. North Dakota, the Court ruled that retailers who have no physical presence (or “nexus”) in a state are exempt from collecting sales taxes in that state. Obviously internet shopping in 1992 wasn’t exactly what it is now. Actually the case dealt with a catalog mail-order company, but online retailers now use the rule to avoid sales taxes. Of course since e-commerce sales have soared and displaced business of local retailers, this has become am...