Tax competition – who pays?

Offshore centres are leading a race to the bottom in lowering tax rates and dragging their feet on moves to increase transparency around beneficial ownership of corporates and legal entities, according to a hard-hitting report from Oxfam. In ‘Tax battles’ [1] the NGO points the finger at jurisdictions for “starving countries out of billions of dollars needed to tackle poverty and inequality”, naming the top ten worst tax havens: (1) Bermuda (2) the Cayman Islands (3) the Netherlands (4) Switzerland (5) Singapore (6) Ireland (7) Luxembourg (8) Curaçao (9) Hong Kong (10) Cyprus (11) Bahamas (12) Jersey (13) Barbados, (14) Mauritius and (15) the British Virgin Islands. MLB Editor Timon Molloy examined the accusation with Nigel Cassidy on Share Radio’s ‘Breakfast’. Click https://shar.es/18QXPW to listen.