Well, the good news is that there are five clear solutions to the problems caused by tax havens.
Country by country reporting
Under country by country reporting, the multinationals would have to break their information down by country of operation – including in each tax haven – so that citizens and authorities can see what the corporations are doing in their countries.
Learn more about country by country reporting.
This would involve taxing multinational corporations according to the real economic substance of where they actually do business.
Learn more about unitary tax.
Automatic information exchange
Developing countries – and rich ones – must get the information they need to tax their wealthiest citizens properly.
Learn more about automatic information exchange.
Disclosure of the real life, proper, final, ultimate, ACTUAL owners of companies
Ensuring that every human who has a stake in a corporate structure – a’true beneficial’ owner – has his or her identify available on a searchable, low-cost public register. And we should slap severe sanctions on those havens that don’t shape up.
Learn more about disclosure of the true beneficial owners of companies.
Making ‘wilful blindness’ a criminal offence
We can bring hard penalties against the pinstripe intermediaries who help the tax evaders.
The IMF and other bodies dealing with money-laundering must officially make tax evasion a money-laundering offence.
Learn more about making ‘wilful blindness’ a criminal offence.