In the September Tax Justice Network podcast, the Taxcast: How a conman can devastate the lives of thousands of ordinary people, aided and abetted by the offshore industry – with banks, law firms and accountants all happy to look the other way and not ask questions. Plus, we discuss: the latest leak from the Bahamas, #BahamasLeaks; and Apple’s 13 billion euro underpaid tax bill: a defining moment in the battle between the low/no-tax world big corporations would like to see and democratic, accountable governance in the public interest. (more…)
‘Hello. This is John Doe. Interested in data? I’m happy to share.‘ We talk to the two journalists who got the Panama Papers scoop, Bastian Obermayer and Frederik Obermaier who’ve written a book about their experience.
Plus: what does Brexit mean for tax justice? We discuss the F4 (unholy) alliance between Switzerland, Hong Kong, Singapore and the UK, and the accelerated corporate tax race to the bottom.
‘Unfortunately there is the world people like you and me are living in and there is a second world, a parallel world, the offshore world where people with enough money will always find possibilities to hide their money…there are people out there choosing which law they want to stick to and that is a problem for democracy.’
‘I am very clear about what would happen if you take away the secrecy, if you take away the anonymity. I am completely sure that the whole system would crash because why would they go to the British Virgin Islands for a company when you can see who owns it? You know, it’s not rocket science.’
Post-Brexit: ‘I think that Britain’s likely development strategy will be to actually deepen its tax haven role sitting offshore Europe.’
In the June 2016 Taxcast from the Tax Justice Network: How different could the lives of those in poverty have been without secrecy jurisdictions? We give you the very latest estimates on the missing trillions offshored from the world’s developing regions. Also: Brexit and the special interests behind it: “Nakedly, brazenly, they’re pushing the City of London’s deregulated, criminal approach to finance”. Plus, the Panama Papers shed some light on secretive, pro-tax haven US lobbying group the Center for Freedom and Prosperity’s funders.
“the revelations from the Panama Papers have been sensational but an international investigation with some kind of subpoena power would I think be 10 times as important.”
Featuring: John Christensen of the Tax Justice Network, and Columbia University Professor, Economist, lawyer and Tax Justice Network senior advisor James Henry. Produced and presented by @Naomi_Fowler for the Tax Justice Network.
US corporate giants, such as Apple, General Electric, and Microsoft are hidden nearly $1.4 trillion in dozens of offshore tax havens. That is $1,400,000,000,000.
The companies also used more than 1,600 subsidiaries in tax havens to hoard and move money around outside the reach of fiscal authorities. At the same time, the corporations keep on taking benefits from government support in their home countries paid by taxpayers.
The huge profits that major corporations have reported they are holding offshore, partly because of the high taxes they say they would have to pay for shifting the profits back to the US.