Posted on 05/11/2016 9:28:21 PM PDT by Olog-hai
It isn’t just tropical nations like Panama that act as safe havens for tax avoiders; the US stands accused of the same thing according to a new study by the European Parliament’s Green faction. EurActiv Germany reports.
The release of the Panama Papers has been like opening Pandora’s Box: more and more countries around the world are seemingly ready to follow global rules on data exchange in order to curb tax fraud. But it’s not just the well-known tax havens like the Seychelles, the Virgin Islands, Panama and Liechtenstein that are being asked to up their efforts against tax loopholes, according to the findings of the Greens/EFA group.
While the European Union has moved to combat tax dodgers, the US falls short on tax transparency and data exchange, with major shortcomings identified in comparison with international standards. The Greens/EFA study, carried out by Andres Knobel of the Tax Justice Network NGO, suggests that the US is now the world’s largest tax haven.
The reason: Washington is reluctant to implement two international initiatives intended to tackle money laundering, corruption and tax evasion. The first involves proper registration and identification of who the beneficial owners of a company are and the second consists of the automatic exchange of banking details between tax authorities. …
(Excerpt) Read more at euractiv.com ...
So why does so much US money flow overseas?
Bwhahahaha this is ripe!!! So the EU who already confiscates wealth for socialist redistribution is accusing the most corporate unfriendly nation on the planet of being a tax haven?
Que?
I wondered why there were so few American firms or people in that very long and otherwise international list of those exposed in the Panama papers. Tax shell games are easy enough to do at home.
I don’t take a position on tax avoidance here, but it is important to point out that the Greens are basically a commie fringe in Europarliament.
It sure doesn’t FEEL like I live in the world’s largest tax haven, when I have to bow and scrape and account for everything in April, and send in estimated taxes quarterly.
Things must be tough all over!
Well, “Europarl” is merely a rubber stamp for the EU Commission, so everyone’s word there is worth about the same. But if they have friends in the Commission, then that is a different story.
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