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Paper: the role of Wild West Dublin financial centre in the financial crisis
July 15th, 2011
Two years ago an edition of Tax Justice Focus contained a lead article entitled Shadow Regulation and the Shadow Banking System: the role of the Dublin International Financial Services Centre. Written by Jim Stewart, Senior Lecturer in Finance, Trinity College, Dublin, it looked at the role in the global financial crisis played by the tax haven / secrecy jurisdiction of Ireland, and in particular the Dublin International Financial Services Centre (IFSC.) We added this to our Economic Crisis + Offshore webpage. Now we have just added to that same web page a major new article by...
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Bursting the Myths about Tax Havens
July 14th, 2011
Richard Murphy of Tax Research UK, a coordinating committee member of the Task Force, has released a new report on tax haven abuse on behalf of the Public and Commercial Services Union (PCS), War on Want, and the Tax Justice Network. The report examines the effects of tax havens on tax collection, financial stability, corruption and poverty. In addition, it looks at the consequences of secrecy laws in tax havens on the international financial system. The report expresses concern over the direction tax law is moving in, stating: PCS wishes to draw attention to the massively worrying...
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Tax Research LLP Report: Tax Havens
July 13th, 2011
This report is the first that PCS has produced on the subject of tax havens. It has prepared it for four reasons. First, PCS is committed to a fair, progressive tax system. It sees tax havens (or secrecy jurisdictions as we prefer to call them) as a threat to the establishment of such a system. This report notes that the UK might lose up to £18 billion a year as a result of the use of tax havens. This loss contributes significantly to the overall UK tax gap that PCS believes currently amounts to at least £120 billion.
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