Editorials & Other Articles

bemildred

(90,061 posts) Mon Apr 4, 2016, 09:29 AM Apr 2016

Panama Is Just the Tip of the Iceberg: Global Tax Avoidance Is Literally Killing the Poor

We knew global corporations were avoiding tax, now the Panama-papers leaks have shown us that world leaders are at it too.

But Panama is only the tip of the iceberg.

Britain itself is the head of the world's largest financial secrecy network, and is facilitating tax avoidance by refusing make its overseas territories expose the names of the individuals and companies that are hiding their wealth there.

Britain's refusal to shut its tax havens also makes possible tax avoidance by global corporations and global leaders.

http://www.huffingtonpost.co.uk/diane-abbott/panama-is-just-the-tip-of-the-iceberg_b_9608832.html

6 replies

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Highlight:

Panama Is Just the Tip of the Iceberg: Global Tax Avoidance Is Literally Killing the Poor (Original Post) bemildred Apr 2016 OP

The sad thing is that most people are not going to be able to wrap their head around Baitball Blogger Apr 2016 #1

Panama Papers: 10 Most Popular Tax Haven bemildred Apr 2016 #2

Panama Papers: Global media operation holds rich and powerful to account bemildred Apr 2016 #3

Thanks, Obama FlatBaroque Apr 2016 #4

Recommended! HuckleB Apr 2016 #5

Recommend... KoKo Apr 2016 #6

Baitball Blogger

(46,753 posts)

1. The sad thing is that most people are not going to be able to wrap their head around

Reply to bemildred (Original post)

Mon Apr 4, 2016, 10:31 AM

Apr 2016

this. The good news is that the problem is global, which means that more than the usual USA agencies are involved in investigating it. That means that it will get a proper investigation. My money is on Interpol taking a role in this, which means they will leave no stone unturned.

bemildred

(90,061 posts)

2. Panama Papers: 10 Most Popular Tax Haven

Reply to bemildred (Original post)

Mon Apr 4, 2016, 10:33 AM

Apr 2016

OA News

April 04, 2016 9:27 AM

Mossack Fonseca is considered the fifth-largest provider of offshore services. Of the companies appearing in the firm's files, one of every two were incorporated in the British Virgin Islands, making it the firm's No. 1 tax haven site.

Niue, a small South Pacific island nation with a population of about 1,000 people, ranks as the firm's No. 5 tax haven site.

http://www.voanews.com/content/panama-papers-ten-most-popular-tax-haven-sites/3268212.html

bemildred

(90,061 posts)

3. Panama Papers: Global media operation holds rich and powerful to account

Reply to bemildred (Original post)

Mon Apr 4, 2016, 10:34 AM

Apr 2016

With the Panama Papers exposé perhaps we can now say the fortress walls of offshore secrecy are finally cracking. Such havens allow corruption and tax avoidance to take place on a massive international scale by some of the richest and most powerful people on Earth. Meanwhile, the poor get poorer.

Western politicians have huffed and puffed about clamping down on offshore havens but in reality their collective breath would not have knocked over a little piggie’s straw house let alone bastions of vested interest. It is thanks to investigative reporters, whistleblowers and unprecedented international media collaboration that the matter is being forced.

The advocacy group Global Financial Integrity reports that illegal channelling of profits offshore cost developing countries nearly US$6 trillion between 2001 and 2010. As Facebook posters like to remind us, 1% of the world’s population owns half the wealth and they like to hoard it.

But finally things may be changing. We are being treated to the third major offshore data leak in as many years. The first was the Cayman Islands tax leak in 2013 that exposed a huge number of major figures worldwide as holding accounts in the tiny island – a British dependency – in secrecy.

http://descrier.co.uk/news/world/panama-papers-global-media-operation-holds-rich-powerful-account/