Why tax havens cause poverty

Take a look! Bad Behavior has blocked access attempts in the last 7 days. Search for:. Blog Editor March 7th, Tax evasion: the main cause of global poverty 7 comments 8 shares Estimated reading time: 5 minutes.

The banking sectors of London and New York are partly culpable for global poverty Photo: Alamy Although public opinion perceives that localised corruption in developing countries is the key cause of global poverty, sixty tax havens and the banking sectors of London and New York have much more to account for.

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It is mandatory to procure user consent prior to running these cookies on your website. Reading time: 6 min. Tags: imf vodafone Blog. There is plenty more in this report, but these are probably the main points, tax justice-wise. A welcome addition to the literature.

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We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. Schools, hospitals, universities, social safety net, police. Imagine what Canada would look like if we had almost no tax revenue.

Within a decade or two there would be no schools, hospital, universities, social safety net, police etc. If money moved offshore by private companies was included this figure would be much higher.

Tighter regulation of tax havens will be a key item on the agenda of G20 Finance Ministers meeting ahead of the London Summit on April 2 and is the subject of a public seminar and demonstrations on Jersey today. Oxfam is calling for reform of tax havens and wider reform of the financial system to reduce volatility, increase accountability and give developing countries a greater say in the management of the global economy.

It is also pressing G20 leaders to agree a bailout for poor countries to help them escape the worst affects of the financial crisis. British Prime Minister Gordon Brown has recently spoken of the need for action on tax havens, which include British territories such as Jersey, Isle of Man and the Cayman Islands, but has not yet come up with any concrete proposals. France and Germany have been leading calls for a crackdown.

There is no longer any excuse for delay. Oxfam is calling for new rules requiring tax havens to disclose information on money entering their jurisdiction and for multinational companies to report the taxes they pay in each country in which they operate.