Financial Transparency Coalition

A report from Spanish observatory on foreign affairs from the Fundación alternativas, reveals that measures adopted by the G20 to fight against tax havens and tax evasion have not been implemented yet. The report entitled “The fight against tax havens and tax evasion: Progress since the London G20 summit and the challenges ahead” proposes ways to implement measures that have already been adopted. The financial crisis in 2008 highlighted the harmful effect of tax havens on the economy of developed and developing countries. It was a key issue at the G20 London Summit in April 2009, where leaders...

The CBS television news magazine, 60 Minutes, is going to run a segment on the issue of tax havens and transfer pricing.  CBS describes the segment as:

"60 Minutes," Sunday at 7 P.M. ET/PT (CBS)  SUNDAY, MARCH 27, 2011 The New Tax Havens - American companies are finding new overseas tax havens to legally protect some of their profits from the U.S. tax rate of 35 percent, among the highest in the world. Lesley Stahl reports. Shachar Bar-On is the producer.

Indeed, our good friend, Marty Sullivan from Tax Analysts, is slated to be on the program.  Visit the...

I have found a number for the amount of dirty money that is attracted into the United States on account of the secrecy facilities it provides: US$3 trillion. Yes, three trillion dollars. Which goes quite some way to explaining why the United States came top of the Tax Justice Network’s Financial Secrecy Index. The number comes from a letter to Tim Geithner, US Treasury Secretary, sent by every single member of the Florida Delegation to the House of Representatives. They are whinnying about new proposed IRS regulations for the United States to be more transparent about what foreigners earn there. Currently, almost...

Back in 2009, when Task Force members began lobbying the UK government on what the G20’s crackdown on tax havens might look like, the response was that automatic exchange of information was cumbersome, difficult, that there was far too much information to be useful – and, to paraphrase, that it would end up being shipped around the world in boxes which would cause a fire hazard. But last week the UK parliament accepted the Draft Penalties, Offshore Income etc. (Designation of territories) Order 2011. This measure, designed to crack down on UK taxpayers holding assets offshore,...