By Richard Murphy
What occurs whilst the wealthy are allowed to conceal their cash in tax havens, and what we must always do approximately it
The Panama Papers have been a reminder of ways the superrich are allowed to conceal their wealth from the remainder of us. Dirty Secrets uncovers the level of the corruption at the back of this quandary and indicates what has to be performed within the face of this unregulated unfold of rampant greed.
Tax havens, we're usually advised, are a part of the worldwide structure of capitalism, delivering a freedom from legislation essential to make markets paintings. during this ebook, prime authority Richard Murphy uncovers the reality in the back of this lie. the actual fact of the problem is this more and more renowned perform threatens the principles of democracy, sowing distrust and making a regime established upon opacity.
As Murphy exhibits, how we deal with our economic system is a political determination, and one who might be replaced. Dirty Secrets proposes how you can control tax havens and what the area may appear like with no them.
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Extra resources for Dirty Secrets: How Tax Havens Destroy the Economy
The Tax Justice Network arose out of the concerns of a number of academic and activist thinkers. 17 They had set it up to highlight the abuses they felt Jersey, in particular, had been permitting. In another part of academia, Ronen Palan, then at the University of Sussex and now at City University, London, had written a book entitled The Offshore World: Sovereign Markets, Virtual Places, and Nomad Millionaires. The Tax Justice Network owed its origins to more than these four people, but, given that its role was to bring together experts to create new thinking on issues around tax, and tax havens in particular, their role was vital.
It would be hard to conceive of an arrangement so doomed to failure as this one, but for the fact that it was not only suggested but actually promoted as a solution to the tax haven problem, as major countries understood it in 2009. TIEAs were thus a complete waste of time at the time they were introduced. After a flurry of activity in 2008, 2009 and 2010, as tax havens tried to prove themselves compliant, the futility of the process became readily apparent, and the last TIEA was signed in 2012.
Second, the OECD took the issue on, desperate to find its own way forward, as its post-2008 initiatives were by then so obviously failing. Consequently, the issue of corporate tax abuse was put very firmly on the G20 agenda in November 2012. 27 David Cameron then massively increased the attention given to this issue. 29 Country-by-country reporting demands that every large multinational company should put on public record a profit-and-loss account for each country in which it operates during a given period, without exception, showing not only its trade with genuine third-party customers, but also those activities that took place with other companies within the same group.