A compromise too far on tax avoidance

Nearly $5trn will be lost to tax havens in the next decade EU finance ministers have signalled their intention to oppose any substantive progress on a United Nations tax convention to claw back countries' astronomic losses to tax havens. A UN tax convention is urgently needed to prevent countri...

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Bibliographic Details
Published inPublic Finance no. 11/12; p. 19
Main Author Cobham, Alex
Format Trade Publication Article
LanguageEnglish
Published London Redactive Publishing Ltd 01.11.2023
Subjects
Tax avoidance
Tax havens
United States > US
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Summary:Nearly $5trn will be lost to tax havens in the next decade EU finance ministers have signalled their intention to oppose any substantive progress on a United Nations tax convention to claw back countries' astronomic losses to tax havens. A UN tax convention is urgently needed to prevent countries from losing nearly $5trn to tax havens over the next decade, as our research at the Tax Justice Network shows - the equivalent of losing a year of worldwide spending on public health. The other part of the OECD proposal is for a global minimum tax, but research shows that the latest version will deliver significant additional revenues only for corporate tax havens - while doing nothing to stop profit-shifting.
ISSN:1352-9250