#26 The Bahamas is broke
#25 Tax incentives, Africa-style
#27 Londongrad

In the February Taxcast: Are European tax havens getting ‘illegal state subsidies’? The European Union’s Competition Commissioner thinks so. Are the world’s tax havens really going to become more transparent? We analyse the OECD’s automatic information exchange proposal, warts and all.

And, the tax haven of the Bahamas is broke – the government’s solution? Tax the poor! We look at the Bahamian campaign against a Value Added Tax and their demands for a freedom of information act.

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Jargon
Automatic Exchange of Information

Automatic exchange of information is a data sharing practice that prevents corporations and individuals from abusing bank accounts they hold abroad to hide the true value of their wealth and pay less tax than they should at home. Under automatic exchange of information, a country takes the information it has on the financial activity of individuals and businesses who are operating within its borders but are resident in, aka permanently living in or headquartered in, another country and shares that information with that country. The allows countries to know the true value of their residents’ wealth and make sure they pay the right amount of tax.

Secrecy Jurisdiction

A tax haven or secrecy jurisdiction is a place that deliberately provides an escape route for people or entities who live or operate elsewhere. They shield them from whatever taxes, criminal laws, financial regulations, transparency or other constraints they don’t like. Ordinary people whose lives are affected by tax haven laws are not consulted on these laws because they live in other countries: they have no say in how those laws are made, thus undermining their democratic rights.

Tax Haven

A tax haven or secrecy jurisdiction is a place that deliberately provides an escape route for people or entities who live or operate elsewhere. They shield them from whatever taxes, criminal laws, financial regulations, transparency or other constraints they don’t like. Ordinary people whose lives are affected by tax haven laws are not consulted on these laws because they live in other countries: they have no say in how those laws are made, thus undermining their democratic rights.

Offshore

A tax haven or secrecy jurisdiction is a place that deliberately provides an escape route for people or entities who live or operate elsewhere. They shield them from whatever taxes, criminal laws, financial regulations, transparency or other constraints they don’t like. Ordinary people whose lives are affected by tax haven laws are not consulted on these laws because they live in other countries: they have no say in how those laws are made, thus undermining their democratic rights.

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