A Quote by Jose Angel Gurria
It isn't only rich countries that suffer from the effects of tax havens. Developing countries also lose billions of dollars in tax revenues due each year because wealthy individuals and some companies use tax havens to move assets and income offshore.
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Why do tax havens exist? Because rich countries allow them to. If the U.S. came down on tax havens in the same way they come down on countries that trade with Iran and Cuba, we'd have no tax havens in the world.
African countries lose billions every year because of tax dodging by big corporations and wealthy individuals. They lose billions more from overly generous tax incentives in a misguided belief that this is the only way to attract foreign investment.
Each and every year, the United States loses an estimated $100 billion a year in tax revenues due to offshore tax abuses by the wealthy and large corporations.
African countries lose the most from tax dodging. African governments must, therefore, do more to push for a full reform of the global tax system and demand action from countries, such as the U.K., whose financial centres sit at the heart of the global network of tax havens.
By allowing super wealthy corporations and individuals to avoid paying their fair share of tax, tax havens are denying governments' revenue that could and should be spent on schools, healthcare, and other essential services.
Developing countries are losing significant tax revenues through corporate tax dodging.
We want to put a stop to tax havens. We want results on this, with a list of tax havens and a series of consequences.
Transparency and effective tax co-operation must be shared principles applied by all. Until they are, nations will need to protect themselves against loss of revenues to tax havens.
Local tax increases can cause high-net-worth individuals to move, tax experts said; tax avoidance and tax arbitrage are multitrillion-dollar affairs, and rich people are sensitive to tax rates. But many of the people who move when their home state raises taxes are close to retirement anyway.
I really like the idea of consumption tax, and most countries have a pretty serious consumption tax. It's called a value-added tax or a goods and services tax ... It's a sales tax. It doesn't tax labor, it doesn't tax savings or investment - it taxes consumption.
We will also target tax evasion and off-shore tax havens... Everyone must pay their share.
If corporations and rich people who made fortunes out of us during the boom are not paying their fair share then reform the tax system and close down the tax havens.
I want to end tax dumping. States that have a common currency should not be engaged in tax competition. We need a minimum tax rate and a European finance minister, who would be responsible for closing the tax loopholes and getting rid of the tax havens inside and outside the EU. It is also clear that we have to reach common standards in our economic and labor policies. We cannot continue to just talk about technical details. We have to inspire enthusiasm in Germany for Europe.
In those countries where income taxes are lower than in the United States, the ability to defer the payment of U.S. tax by retaining income in the subsidiary companies provides a tax advantage for companies operating through overseas subsidiaries that is not available to companies operating solely in the United States. Many American investors properly made use of this deferral in the conduct of their foreign investment.
We must end the iniquitous multi-taxing of the same money. It is not right to tax people's incomes, then their savings on that income, to tax the movement of assets through capital gains tax, stamp duty and tax them again through inheritance tax if they have the audacity to die.
There is nothing inevitable about this secret offshore world. It is not a fact of nature: Our laws created tax havens, and our laws can also end them. We could forbid Goldman Sachs from owning opaque offshore vehicles. We could prevent companies such as Cadre from accepting anonymous investments.
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