The world’s richest individuals have placed $11.5 trillion of assets in offshore tax havens, The Observer has reported.
A study by Tax Justice Network, a group of economists and accountants concerned at what they see as escalating tax avoidance, has calculated the huge figure, which amounts to 10 times UK GDP.
John Christensen, co-ordinator of the Tax Justice Network, said: ‘This is one of the defining crises of our times. One of the most fundamental changes in our society in recent years is how money and the rich have become more mobile. This has resulted in the wealthy becoming less inclined to associate with normal society and feeling no obligation to pay taxes.’
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states