Medicine

These are the world's worst tax havens

These are the world's worst tax havens”

The "Tax Battles" research, undertaken by global charity organisation Oxfam, puts Ireland sixth in a list of 15 countries that are, "helping big business to cheat countries and their citizens out of billions of euro in tax every year".

Mr Clarken said it was "no badge of honour" for Ireland to be known as a haven for coporate tax dodging.

The NGO's report exposes the worst offenders in the 'race to the bottom on corporate tax'.

"Around the world, we are known as a country of good fun, bad weather and terrible tax policies that facilitate worsening inequality by allowing some of the world's richest companies to avoid paying their fair share to society", he said.

It also hit out at moves to slash corporation tax to help shore up Government finances, claiming that it often triggered a VAT hike which could punish the poorest people in society.

Switzerland and Singapore were ranked in fourth and fifth place followed by Ireland, with Luxembourg, Curacao, Hong Kong and Cyprus making up the rest of the top 10.

The organization published the study dubbed Tax Battles: The unsafe global Race to the Bottom on Corporate Tax, which included the list of the top 15 corporate tax havens.

"Ireland has been involved in harmful tax competition in terms of loopholes and tax deals for many years, e.g. allowing Apple to pay just 0.005% at one point", reads the report.

The final five were the Bahamas, Jersey, Barbados, Mauritius and the British Virgin Islands.

Ireland is now under instruction from the Commission to claw back €13 billion from US tech firm Apple, which in 2014 benefited from an Irish corporate tax rate of 0.005 percent.

Luxembourg, Ireland, and the Netherlands are already under pressure from the European Commission, which has accused all three of offering sweetheart deals to global companies. Citizens everywhere have had enough.

Berkhout said: "There are no winners in the race to the bottom on corporate tax".

Improving tax transparency by requiring all multinational companies to publish financial reports for every country in which they operate, so it is clear what taxes companies are paying and where.

"But big business is dodging tax on an industrial scale, depriving governments across the globe of the money they need to address poverty and invest in healthcare, education and jobs", it said.

"This amount is more than enough to provide an education for all of the 124 million children now out of school, and to pay for health interventions that could save the lives of six million children", Oxfam wrote in the report.

"It should be emphasised too that the right to set a corporate tax rate is recognised by the United Nations as a sovereign right and is considered by Bermuda to be an essential contributor to its world-leading reinsurance centre, along with political stability, regulatory excellence and geographic independence", he said.



Like this

Latest


13 December 2016
Thousands evacuated as cyclone nears southern India
Tada, Sullurpeta, Naidupeta and other parts of Nellore districts were also receiving heavy rains. Prior to the storm's landing, Chennai already was pounded with heavy rain and winds.

12 December 2016
Kanye West and Kim Kardashian West looking ahead to 2017
Sources told People that Kardashian has been a "dutiful, responsible, loving spouse" since West's hospitalization. Artist Giovanni Bassan shared a since-deleted photo of the star on Instagram, writing, "Ks in da house".

11 December 2016
Office Christmas Party Star TJ Miller Arrested After Altercation in Hollywood
Last month he lit a Trump tie on fire during a taping of "The Conan Show" and put the flames out by tap-dancing on the garment. The police would not confirm which auto service the driver belonged to, but TMZ reported that he was an Uber driver.

11 December 2016
Madonna: 'Wine loosened Michael Jackson up for some full French kissing'
Madonna got even wilder during the next song, taking off her seatbelt, spinning around, and twerking to "Bitch, I'm Madonna ". Talking about her children liking her new style of music, she says, "My kids are quite rebellious".

11 December 2016
SpaceX's 1st launch since rocket blast now bumped to January
SpaceX spacex has said that it is investigating the reason for the explosion, but it has yet to release a detailed account. This would avoid any major hardware redesign, which would keep the Falcon grounded for many more months.

10 December 2016
The Kardashians Need Everyone To Chill TF Out Over Blac Chyna Craziness
Details developed yesterday (December 8) about the Kardashians trying to block Chyna's trademark request. Another source told Us Weekly, "Chyna filing and using their last name takes some time and discussion".

09 December 2016
High court sides with Samsung in patent dispute with Apple
At issue was how much Samsung must compensate Apple under a 1887 law that patent infringers pay "total profits". The Court ruled 8-0 to overturn an Appeals Court ruling that ordered Samsung to pay its rival $ 399 million .

09 December 2016
Australian-Chinese consortium wins bid for cattle empire
Hence, the Australian ownership of the group in total will increase from 66.1 per cent to 74.7 per cent. AOB will also be employing extra contractors and short terms specialists.

09 December 2016
Congress cracks down on 'bots' that snap up concert tickets
The ban applies to events where there will be an audience of more than 200 people. On Dec. 7, Congress passed the Better Online Ticket Sales ( BOTS) Act of 2016 .

09 December 2016
Trump picks fast food executive Andrew Puzder for Labor
So the question now becomes: What is he willing to do for the American people? Business expert and labor union weigh. Pudzer has also said that raising the minimum wage does nothing to break the cycle of poverty for the working poor.



Recommended