Worldwide campaign against tax havens
A Global Week of Action against the tax swamp will take place from 1 – 7 April 2017. Numerous scandals happening in low tax countries around the globe have shown the scale of damage to society caused by tax tricks used by large companies and some wealthy individuals.
Now, the worldwide campaign shall draw attention to the large number of cases where multinational companies have paid none or hardly any corporate tax. Secret agreements between governments, corporations and wealthy individuals, for example in respect of LuxLeaks, Panama Papers or the tax haven in Madeira, which were made public, give an insight of the impact the aggressive actions of some corporations already has.
Events and campaigns for tax justice
A number of information events and campaigns will take place within the scope of the Global Week of Action from 1 to 7 April 2017, which will inform the public about tax havens, wealth and income inequality as well as the damage the population incurs due to tax tricks. The Global Alliance for Tax Justice has composed a Factsheet, which informs about the tax scandals and informs on the measures to be taken to get tax justice.
In corporation with the Austrian Trade Union Federation, the Chamber of Labour is also organising a discussion event within the scope of activities around global tax justice. It will deal with the issue of tax avoidance and take place on 11 April 2017 in Brussels.
Oxfam Study: Banking corporations move their profits to tax havens
Within the scope of a new study, Oxfam recently drew attention to the fact that banks are moving their profits to low tax countries in order to avoid paying tax. The non-governmental organisation for example states that Barclays Bank only paid € 1 million tax on its profit, which amounted to € 557 million. This is equivalent to a tax rate of only 0.2 %.
In turn, BNP Paribas, which is based in France, has generated a profit of € 134 million on the Cayman Islands, but did not pay a single cent in corporate tax. Due to the fact that it has not hired a single employee there, it is quite obvious that the bank is not active on the Cayman Islands. These examples clearly show that tax fairness is still a long way off.