Category: Offshore Morality

Tax evasion by super rich hurts every Australian

We will probably never know their names, but one thing we do know – one in 20 of the richest people in Australia tried to evade paying their fair share of tax in recent years. By what authority do we know this? By none other than the Australian Taxation Office....

A taxing tale of two peak bodies

Four days out from Christmas, Blind Citizens Australia (BCA), Deaf Australia, Homelessness Australia and Down Syndrome Australia learned they were to be subject to federal government funding cuts. New Social Services Minister Scott Morrison assured concerned parties that frontline services to the disabled would not be cut, just grants to...

Maryland nonprofits investing in offshore accounts

When the Chesapeake Bay Foundation, the Johns Hopkins University and other Maryland nonprofits want to maximize the money they can spend in pursuit of their missions, they do what many wealthy individuals and businesses do. They open investment accounts overseas. Many of Maryland’s wealthiest nonprofits — including the University of...

Bombardier among companies using legal tax havens at expense of home country

MONTREAL – The problem is not that Bombardier Inc. played a complex shell game since at least 2010 by refinancing and redirecting US$500 million of its financing activities to Luxembourg, a notorious tax haven. It’s that it does so legally — and is hurting its home country despite being one...

The Luxembourg ministry of Finance comments on the latest publications by the ICIJ

The ministry of Finance acknowledges the publication by the International Consortium of Investigative Journalists (ICIJ) and affiliated medias of a further series of advance tax decisions (“rulings”) issued by the Luxembourg tax administration. As with previous publications (“Luxleaks”), the way in which these documents were acquired is highly questionable. The...

$1 Billion: That’s How Much Walmart Avoids Paying in Taxes Each Year Through Loopholes

This Black Friday, legions of shoppers will throng to their local Walmart in frenzied pursuit of holiday deals. But it turns out that Walmart has saved the sweetest deals for itself. In a recent analysis of Walmart’s tax spending, Americans for Tax Fairness (ATF) found that the company “avoids $1...

When Mega Corporations Get Mega Tax Breaks, We All Pay

Is corporate CEO pay really out of control? Well, consider Fleecing Uncle Sam, a new report from the Institute for Policy Studies and the Center for Effective Government. Of the 100 highest-paid CEOs in the US, the study finds, twenty-nine of them received more compensation than their companies paid in...

G20 tax avoidance pledge ‘still leaves poor countries vulnerable’

Oxfam director Winnie Byanyima says what is on the table is not enough to stop poor countries being ‘bled dry’ Moves by G20 nations to tackle corporate tax avoidance are welcome but will only begin to uncover the full problem while leaving poor countries still vulnerable to exploitation, tax justice...

South Africa: President Zuma Wraps Up Brisbane Visit

Pretoria — President Jacob Zuma has concluded his visit to Brisbane, Australia, where he led the South African delegation to the G20 Leaders’ Summit, says the Presidency. The main outcome of the Leaders’ Summit was a commitment to lift the G20’s Gross Domestic Product (GDP) by at least an additional...

Ending corporate secrecy: time for the Government to support Anti-Money Laundering Directive

A new report on tax transparency across 15 EU states highlights hidden profits People in Europe and in developing countries are being robbed. One trillion euro is lost to tax dodging every year in the EU, with billions being lost from developing countries each year for the same reason. It...

Trade unions condemn tax avoidance

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights.http://www.ft.com/cms/s/0/8bffa20c-6683-11e4-9c0c-00144feabdc0.html#ixzz3Ijq0jeQ8 The world’s most powerful trade unions have called on their pension funds to fight...

Luxembourg leaks: G20 alone can’t stamp out tax avoidance

The hollowing out of tax collected for public purposes by rich and poor nations is not confined to technology and mining companies, according to a major leak of secret tax agreements covering more than 340 companies around the world. The documents, published by the International Consortium of Investigative Journalists, include...

Tax avoidance is a global problem

U.S. tax law creates perverse incentives for American companies to hold cash offshore, and the U.S. Treasury recently announced proposals to deter the practice.  The proposals have triggered an outcry that ranges from criticisms that the Obama administration has overstepped its authority, on one side, to criticisms that the proposals...

Mob justice is a dangerous way to deal with bad businesses

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/dd154b40-5866-11e4-a31b-00144feab7de.html#ixzz3GxohXLDx ig, bad companies are firmly in the sights of politicians. Last week UK Labour...

Time to Make Corporations Pay Taxes They’re Avoiding

Blue-ribbon corporations are deserting our country “to avoid paying taxes but expect to keep receiving the full array of benefits that being American confers, and that everyone else is paying for,” Fortune magazine reports. That’s right, Fortune wrote it; not Pravda. In a scathing article titled “Positively Un-American” by Allan...

Trillion Dollar Scandal – the biggest heist you’ve never heard of

The World Bank analysed the world’s biggest corruption scandals over that past two decades. Seventy per cent involved anonymous shell companies Take a guess at how much is lost to developing countries each year through international corruption? $1 billion, maybe $10? Even more? The shocking truth is that $1trn a...