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Equipping people and governments with the data and tools they need to reprogramme their tax systems to work for everyone.
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Countries can raise $2 trillion a year by following the example of Spain’s
#WealthTax
, our new study shows. But just as important as the amount that wealth taxes can raise, our study talks about how the extreme wealth of the superrich left untaxed makes our economies insecure.
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For every $1 the Netherlands collected in corporate tax from the shifted profits of US corporations, the EU as a whole lost nearly $4 in tax from those corporations.
New analysis reveals Netherlands cost EU countries $10bn in lost corporate tax a year.
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World's top 10 enablers of corporate tax abuse:
1 🇻🇬 British Virgin Islands
2 🇰🇾 Cayman
3 🇧🇲 Bermuda
4 🇳🇱 Netherlands
5 🇨🇭 Switzerland
6 🇱🇺 Luxembourg
7 🇭🇰 Hong Kong
8 🇯🇪 Jersey
9 🇸🇬 Singapore
10 🇦🇪 UAE
Our Corporate Tax Haven Index 2021 is now out:
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World’s top suppliers of financial secrecy:
1 Cayman
2 US
3 Switzerland
4 Hong Kong
5 Singapore
6 Luxembourg
7 Japan
8 Netherlands
9 BVI
10 UAE
Financial secrecy keeps tax abuse feasible, drug cartels bankable. But most gov'ts are saying enough.
#FSI2020
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Countries are losing over $427bn to tax havens every year. That’s a nurse’s yearly salary lost every second. Find out how much your country is losing, and which countries are most responsible for global tax losses in the State of
#TaxJustice2020
, now out:
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World’s top suppliers of financial secrecy:
1 US🇺🇸
2 Switzerland🇨🇭
3 Singapore🇸🇬
4 Hong Kong🇭🇰
5 Luxembourg🇱🇺
6 Japan🇯🇵
7 Germany🇩🇪
8 UAE🇦🇪
9 BVI🇻🇬
10 Guernsey🇬🇬
Financial secrecy helps tax evaders, corrupt politicians & oligarchs avoid the law
#FSI2022
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Today, the most important vote on tax of our lifetime is happening at the
@UN
.
$5 trillion of public money is on the line.
The majority of countries want to undo decades of failed tax policy and finally put people before tax havens.
The problem? The US🇺🇸, UK🇬🇧and EU🇪🇺.
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The UN has adopted plans for historic tax reform by a landslide majority🇺🇳
This is a historic victory delivered by the countries of the global South, for the benefit of people all around the world.
Our full statement on today's
#UNvote
:
#UNTaxConvention
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How did the superrich's wealth get so extreme? How does it make our economies insecure? And how can our governments use
#WealthTax
to tackle the problem?
Glad you asked! We just happen to have a Swedishly- inspired infographic to explain it all.
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The top 6 jurisdictions on our global ranking of countries most complicit in helping multinational corporations underpay tax are either members of the OECD, the world’s leading rule-maker on global corporate tax, or dependencies of OECD members.
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World's most corrosive corporate tax havens according to our new index:
1. British Virgin Islands*
2. Bermuda*
3. Cayman Islands*
4. Netherlands
5. Switzerland
6. Luxembourg
7. Jersey*
8. Singapore
9. Bahamas
10. Hong Kong
*4 of 10 fall under UK control
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HISTORY MADE!🎉
The UN has adopted plans for historic tax reform by a landslide majority! This is a historic victory delivered by the countries of the global South, for the benefit of people all around the world.
Today, the most important vote on tax of our lifetime is happening at the
@UN
.
$5 trillion of public money is on the line.
The majority of countries want to undo decades of failed tax policy and finally put people before tax havens.
The problem? The US🇺🇸, UK🇬🇧and EU🇪🇺.
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Every second, we lose a nurse's yearly salary to a tax haven. Our tax systems are our most powerful tools for creating a just society but they've been taken over by corporate giants & the super-rich. This is how we reprogramme tax.
Interactive report:
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UPDATE: Countries who voted against UN tax reform yesterday enable 75% of global tax abuse. These countries represent just 15% of the global population. Countries that voted in favour of reform represent 80% of the global population.
Our new analysis:
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"I am not a “self-made man,” the welfare state made me. Without the creche care and schooling and health care I received, I could not have flourished. And without Denmark’s strong public services, neither could my business"
@djaffarshalchi
@Mills4Humanity
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British tax havens arguably pose the biggest non-violent threat in the world to human rights. They cost the world $189bn a year in tax losses.
That's why we've made public the letter we mailed today to the King Charles (cc
@RishiSunak
).
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🪙 Countries can raise $2.1 TRILLION a year by following the example of Spain’s successful
#WealthTax
on the richest 0.5% – that’s double the amount needed annually for developing countries’ external climate finance.
📒Our new study just published:
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My billionaire bosses funnelled money offshore for years. Now they want a bailout
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Tax Justice Network calls on UN to convene a global summit to end tax abuse and financial crime
#ParadisePapers
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The tax we lose a year to tax havens is enough to vaccinate the global population against Covid-19 three times over. That’s $483bn lost a year. Find out how much tax your country is losing, according to the State of
#TaxJustice2021
.
#SOTJ21
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The UN General Assembly has adopted the resolution mandating the UN to take on a global tax leadership role! 🎉
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Higher income countries lose more tax ($443bn) to tax havens but their losses represent a smaller share of the money they have to spend. Lower income countries lose less ($40bn) but their losses represent half their public health budgets.
#taxjustice2021
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“If I walked into my bank and tried to deposit £55m, I would be asked to see the manager, if not the police. But if I were to shift such sums through a Belgravia flat or a West End jeweller or an offshore tax haven, I would be offered a tier 1 golden visa”
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Efforts to sanction Russian oligarchs have immediately hit a wall of financial secrecy cultivated by decades of rich countries courting finance from dictators, tax evaders and money launderers. We’ve published 10 measures to cut through the secrecy.
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UK: Sir Richard Branson's Virgin Care Services sees revenues jump 50% amid National Health Service privatisation row - made an £8m profit for 2017 but paid no corporation tax - web of companies is ultimately owned by a company registered in the BVI
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“Tax havens and corporate lobbyists have had too much influence on global tax policy at the OECD for too long. Today, we start to take back power over global tax rules that affect all of us.”
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Countries just bashed open the door to historic tax reform at the UN!🎉💥
A landslide majority of countries voted in favour of ambitious terms of reference for a
#UNtaxConvention
, laying the foundation for the biggest shakeup in history to tax rules.
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"It was only in 2015 that British taxpayers finished paying off the debt the British govt incurred to compensate British slave owners in 1835"
@Naomi_Fowler
looks at the context &tried to find out which financial institutions profiteered from the loan
#blm
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Countries are set to lose US$4.7 trillion in tax over the next decade to multinational corporations and wealthy individuals using tax havens to underpay tax.
Govts must choose: forfeit our future by staying course or democratise global tax
#TaxJustice2023
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Biggest losers of corporate tax to the
#AxisOfTaxAvoidance
:
🇫🇷 France $6.9bn
🇩🇪 Germany $4.1bn
🇮🇹 Italy $3.9bn
🇧🇪 Belgium $2.6bn
🇪🇸 Spain $2.5bn
Govt's must reprogramme their tax systems to prioritise people’s wellbeing over interests of corporate giants
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One page summary of our report with three actions EU governments can take to tackle corporate tax abuse:
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"The G7 has decided to finally move the international tax system into the 21st century but only enough to shamelessly benefit just themselves, leaving the rest of the world behind."
Our response to today's G7 agreement.
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UPDATE: Countries who voted against UN tax reform yesterday enable 75% of global tax abuse. These countries represent just 15% of the global population. Countries that voted in favour of reform represent 80%.
#UNvote
#UNTaxConvention
New analysis:
HISTORY MADE!🎉
The UN has adopted plans for historic tax reform by a landslide majority! This is a historic victory delivered by the countries of the global South, for the benefit of people all around the world.
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Rich OECD countries, not palm-fringed islands, enable more than three-fourth (78%) of global tax abuse. The worst offenders are OECD members UK, Netherlands, Luxembourg and Switzerland. Find how much tax your country is losing.
#taxjustice2021
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Inequality and the broken economy demonstrated in one graph
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Making history: the
@UKParliament
votes to end to anonymous companies in the UK’s Overseas Territories. Our statement:
@margarethodge
@ICIJorg
@Global_Witness
@f_obermaier
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Our analysis of new, watershed OECD data indicates that over $1 trillion of corporate profit is smuggled into tax havens each year. UK, Switzerland, Luxembourg & Netherlands (“axis of tax avoidance”) are responsible for 72% of associated global tax losses.
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Our tax systems are our most powerful tools for creating just societies that give equal weight to the needs of everyone. Here’s what our tax systems can deliver if we reprogramme them to work for everybody, instead of just the wealthy few.
#OurFutureIsPublic
#OFiP22
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This Friday, we'll reveal for the first time how much each country in the world is losing every year to international corporate tax abuse and private tax evasion. Register now for the online global launch, which will stream in 5 languages:
#taxjustice2020
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So how does one tax the superrich exactly? 🤔
We've taken a page & some pictures out of wikiHow's book for our guide on how govt's can do just this.
Govt's can raise $2 TRILLION a year by following the example of Spain’s wealth tax on the richest 0.5%.
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🪙 = $100 billion
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
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🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
🪙
= $4.7 trillion
This is how much tax countries will lose to tax havens over the next 10 years.
How do we avert this?
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🚨🚨🚨
A minority of rich countries are trying to stop the rest of the world from voting at the UN this month to change the global tax system for the better
$5 trillion in public money is on the line. It's the most important vote on tax in our lifetime🧵
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The world loses $166bn in tax every year due to cross-border corporate tax abuse enabled by members of the OECD, a club of rich countries and the world's leading rule-maker on global tax. That's 8 times more than the EU's Coronavirus Global Response Fund.
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The UK is a key part of an “axis of tax avoidance“, along with the Netherlands, Switzerland and Luxembourg, that facilitates 72% of corporate tax dodging, according to the Tax Justice Network:
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Complex ownership structures keep owners hidden, making life impossible for authorities.
🔎Company
L🏢 Company Ltd
L🏪 Company Co
L🏣 Company Inc
L⚠Owner not found👤
Here's how limits on ownership chain lengths can help identify beneficial owners.
While many countries have made advances in requiring companies to register their beneficial owners, verification of this info remains a challenge. New report out today on how we can use big data & advanced IT systems to securely verify info in realtime:
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What does it mean for the world to lose over $427 billion in tax to tax havens every year? To help put these astronomical figures into perspective, here are three country cases. View your country's tax losses here:
#taxjustice2020
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“Profit shifting has gone from a marginal feature of the global economy to a systemic feature” - our CEO
@alexcobham
on IMF research showing that nearly 40% of crossborder direct investment is designed to dodge tax instead of finance real business activity
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Google 'avoided paying £1.5bn in tax'in the UK that could have paid for 60,000 nurses. Internet giant accused of paying 24 times less corporation tax than they should have done — a major hit to public services
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“The Pandora Papers confirms our global tax system has been turned into an ATM for the rich and powerful, be they drug traffickers, pop idols or the very politicians we trusted with our taxes." Read our CEO
@alexcobham
's comment on
#PandoraPapers
.
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It's impossible to earn a billion dollars. Here's why, and why we need
#WealthTaxes
on the superrich to protect the earner way of life.
#TaxJusticeMinute
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New polling published by
@MiC_Global
shows overwhelming public support in the US, France, Germany, Italy, Poland, the Netherlands and the UK for policymakers to crack down on companies using tax havens.
#newnormal
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“This is the biggest, longest running robbery of our times, but the good news is we’ve now got one of the best alarm systems in place – govts just need to switch it on.”
Watershed data indicates more than $1 tn of corporate profit smuggled into tax havens
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We’re delighted to announce the programme for Tax Justice Network’s 2021 conference! Registration is now open for
#TJN21
. Find everything you need to know here:
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The extreme wealth of the superrich is making our economies insecure.
What does this mean exactly, how does it impact you and what can we do about it?
Here’s a visual guide explaining all. 🧵
#WealthTax
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The question we get asked the most on wealth taxes is "won't the superrich move to another country? " No, as little as 0.01% of the superrich in Norway, Denmark and Sweden migrated following wealth taxes. A UK study estimates non-dom reform would see migration rates of 0.02-3.2%.
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Lord
@premnsikka
opens
#TJN21
: he is a member of the UK House of Lords, Tax Justice Network senior advisor, accountancy professor & tax justice champion: "we can change all this" inequality, and the tax justice movement is a beacon of hope. "Another world is always possible"
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When corporations and the superrich abuse tax, they deny millions of children their right to education. But what if we collected that tax instead?
#LetMeLearn
#TransformingEducation
#TaxPaysForEducation
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2)
@JoseA_Ocampo
@icrict
: "because of the ability of the wealthy to hide assets offshore, capital incomes & capital gains are significantly under-reported & that's why wealth taxes are so important. Enabling tax authorities to track and tax wealth is essential"
#UrgentTaxJustice
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Staggering new research on the true cost of the oversized City of London finance sector to the UK economy, making us all poorer & fuelling inequality
#FinanceCurse
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The idea that the Netherlands can be called "frugal" while it deprives EU countries of bns in corporate tax each year –revenues that are desperately needed to meet the costs of the pandemic– is nonsensical & deeply offensive. EU govt's can adopt game-changing tax measure today /1
Hypocrisy of “frugal” Netherlands lambasted by tax haven watchdog
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“Thanks to the leadership of African countries, the world is now potentially days away from ushering in a global democratic revolution in tax that can finally put people before tax havens."
Press release ⬇️
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“Our tax rules make it easier for the superrich to collect wealth than for the rest of us to earn it. This has let the superrich collect extreme wealth to the point of making our economies insecure and making it scarcely pay to earn a living."
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Covid19 has exposed the grave cost of a broken global tax system that hands over wealth & power to corporate giants & takes it away from nurses & public service workers risking their lives today to protect ours. Our CEO
@alexcobham
speaks w/
@DavidGDawkins
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Brexit and tax havens: "the words ‘competitive advantage,’ or ‘competitiveness’ when applied to a financial sector, are clear warning signals for those of us who look closely at these things" ~
@nickshaxson
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Following bans from Denmark, Poland and Argentina on companies registered in tax havens from receiving
#COVID19
bailouts, we've published a "bail or bailout" test to clarify uncertainty on how govt's can determine which companies are discreetly using tax havens to pay less tax.
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It’s not often that you can celebrate an outright, global triumph for the advocacy efforts of a movement. Today, for tax justice, is one of those days.
Here's why the recommendations made by the
@FACTIpanel
report today are nothing short of remarkable.
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🚀We are excited to unveil our new Data Portal, offering free access to data on tax havens and financial transparency, aiming to empower researchers globally and promote data-driven narratives for social change.
#TJN23
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Could the wealth in tax havens help us pay for the Coronavirus response?
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Important to remember that
#ParadisePapers
isn't just about one
#BadAppleby
, there are a number of offshore law firms engaged in exactly the same business
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#Covid19
has exposed the grave costs of a global tax system programmed to prioritise corporate giants over people. The
#AxisofTaxAvoidance
hand wealth to the biggest firms & take it away from nurses protecting us all. Here are 3 steps to take back control:
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Countries are on course to lose nearly $5 trillion to tax havens over the next 10 years - equivalent to a year of global spending on public health. We're urging countries to vote this year end in favour of a UN tax convention to avert these huge losses.
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Switzerland, USA and Cayman top the 2018 Financial Secrecy Index
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Countries on EU's tax haven blacklist enable 2% of global tax losses. EU members enable 36%. British OT Cayman, top tax haven, is not blacklisted. EU deems it complaint w/ global tax rules. Clearly, global tax rules are not fit for purpose.
#taxjustice2020
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More tax is lost to tax havens ever year due to global corporate tax abuse by multinational corporations then due to private tax evasion by individuals. Overall, countries lose the equivalent of 34 million nurse's yearly salaries every year
#taxjustice2020
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"Isn't tax avoidance legal?"
"Has the OECD really failed - it's agreed a global minimum tax rate?"
"Can the UN succeed where the OECD hasn't?"
These are good questions folks have asked us about our new report. Watch
@dwnews
' interview for our answers.
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Today’s UN vote is a crucial turning point for the global tax system. Here are some figures about the current failures of the global tax system to help emphasise why today's vote is so urgent.🧵
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When most people think of tax havens, they think of palm-fringed islands on the peripheries of the global economy. In reality, the biggest tax havens are OECD countries at the heart of the global economy and their dependencies.
#taxjustice2020
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Today’s Apple decision confirms that the European Union’s rules against state aid are not up to the job of preventing EU member states operating as tax havens. Powerful tax justice reforms are needed
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The long-awaited draft UN resolution to formally begin negotiations on establishing a legally-binding UN tax convention has now been published, and signals a direction in favour of the strongest of the reform options proposed by the
#UN
Secretary General.
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Now more than ever, EU countries must work together to prioritise people's wellbeing. But the EU cannot rebuild its economy on top of a tax haven trapdoor. Our new analysis reveals that the Netherlands costs EU countries $10bn in lost corporate tax a year. Summary in A4.
#COVID19
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Denmark and Poland are right to exclude corporations registered in tax havens from getting bailouts – economies cannot be rebuilt on top of a tax haven trapdoor. But to tackle corporate tax abuse at its root instead of symptoms, govt's must shift to a unitary tax approach.
Denmark and Poland become first two countries to ban companies registered in tax havens from receiving bailouts and/or coronavirus business interruption aid 👏👏👏
@robertnpalmer
@TaxJusticeNet
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We used to think smoking was good for us, until evidence proved it was killing us. We thought letting the superrich collect extreme wealth would be good for us, but we now know it's killing us too - along with our economies and planet. It's time for a
#WealthTax
on extreme wealth
The extreme wealth of the superrich is directly linked to lower economic productivity, more household debt and shorter lifespans. The rise of savings among the superrich since the 1980s did not result in more investments, but rather in dissaving among the rest of society.
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A minority of rich countries are trying to stop the rest of the world from voting at the UN this month to change global tax rules for the better. Those countries lose the most to corporate tax abuse – they’re choosing tax abusers over their own taxpayers
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A club of rich countries setting global rules on corporate tax are responsible for over two-thirds of global tax abuse. That tax abuse costs the world 8 times the EU's Coronavirus Global Response Fund; 3x the combined health budget of African countries
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OUR REACTION to EU's tax haven blacklist: “EU members like the Netherlands, Ireland&Lux the greatest procurers of global profit shifting but are excluded; the UK frustrated blacklisting of its Crown Dependencies&Overseas Territories at every turn, the list hard to take seriously"
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The corporate tax haven model is highly wasteful. In return for costing EU countries $27bn in lost corporate tax a year, the UK, Switzerland, Luxembourg & Netherlands collected an extra $4bn in tax. That's $7 lost for each $1 collected.
#AxisOfTaxAvoidance
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Historic day for unitary tax today. In Paris, the OECD consultation on the biggest tax reform in a century is seeing large demand for unitary tax. In London, the Labour party has become 1st major political party in a world leading economy to commit to UT.
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Countries are expected to vote today on ambitious terms of reference for a
#UNtaxConvention
, after months of negotiations. We urge countries to back the terms of reference for the good of their people, their economies and our planet.
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There are about 260,000 people (correction on our spokesperson's misspoken figure) in the richest 0.5% bracket in the UK. The 9500 said to be leaving the UK in the study the BBC quotes represent 3.7% of the richest 0.5% - which is line with our modelling and ultimately, a blip.
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Luxembourg and the Netherlands have already taken offline their public beneficial ownership registers. More beneficial ownership blackouts are expected to ensue across the EU as EU countries bar public access to their beneficial ownership registers.
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"If the OECD cannot ensure Amazon is in scope, not only will it fail to meet the public demand for fairness here, it will offer a blueprint for other major multinationals to escape this element of the reform.” Our CEO
@alexcobham
's comment in the Guardian's headline story today.
Guardian front page, Monday 7 June 2021: Global deal may let Amazon off hook on tax, say experts
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How vulnerable is your country to illicit financial flows? Use our new
#ifftracker
to identify the trading partners and channels that pose the greatest vulnerability to your economy.
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The UN Secretary-General has today set out his highly anticipated proposals for a UN framework convention on tax, putting the global tax system on course for the biggest shake-up in history.
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Join us as a Research Fellow!
Are you a skilled researcher with a passion for data analysis and a commitment to
#TaxJustice
? Lead impactful projects, collaborate with experts, and drive change. Remote work, global location flexibility.
Apply now!
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CALL FOR PAPERS for our conference on empire, taxation, inequality and reparations. How can society and institutions begin to address centuries of damage and colonial legacies? What sort of reparations can mitigate economic damage? Submit by 11 Sept.
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Our thoughts on
#PandoraPapers
so far:
The Pandora Papers confirms our global tax system has been turned into an ATM for the rich and powerful, be they drug traffickers, pop idols or the very politicians we trusted with our taxes🧵
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"My billionaire bosses funnelled money offshore for years. Now they want a bailout. The offshore world has no loyalty to anyone. Blow the whistle, expose the fraud, let’s build a better system. It could be you next"
#coronavirus
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