ABC about tax havens

I highly recommend to check out this short film made by the New Economics Foundation, which in a very understandable way explains what the tax havens are all about and how it affects the governments’ purse and why they are so malignant.

Just imagine, in UK alone, it is estimated that about GBP 70bn are lost due to tax evasion and GBP 25bn due to tax avoidance (of these about GBP 18bn through tax havens). it is almost the exact amount of annual National Health Service budget.

Moreover, if you look at the impact of tax havens (or secret jurisdictions) globally, they play fundamental role in maintaining/ supporting corruption allowing undemocratic regimes to evade/ launder money and misuse international aid.

Most of the tax havens/ secret jurisdictions are independent territories under UK government supervision. Whilst officials keep avoiding any sort of engagement in discussing this subject and denying their power in addressing this huge, poisonous defect of global economic system, they actually could, if they would want, to close down these tax havens.

Pressure is building up!!

several organizations are attacking UK government demanding action and be accountable for the harm these tax havens make to economy in UK and worldwide. In addition to NEF and this new film, 38 degrees campaign on tax dodging, Action Aid has launched Tax Justice campaign, and Tax Justice Network keeps the momentum with quality research and arguments why tax havens are BAD.

if you can, support these campaigns. every small step counts.

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