In the November 2016 Tax Justice Network podcast: Tax Inspectors Without Borders – we look at a practical project that’s changing lives and aiming to level the global playground of tax-minimising multinational companies. Plus: what does new US President Trump mean for tax justice? And, in Trusts we trust? The French Constitutional Court upholds a challenge to France’s trailblazing public register of Trusts: what does it mean for progress on financial transparency?
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A trust is an arrangement that separates out ownership of an asset. Under a standard trust a person gives up an asset for the beneﬁt of someone else (the beneﬁciary) under a set of rules (the trust deed.) These rules are enforced by a third person, the trustee. Trusts are used extensively in tax havens, whose laws provide secrecy which allows the original owner to pretend to have given away the asset while in reality still controlling it. This allows them to potentially escape the tax bill on its income, or hide links to money laundering or other criminal activity.
Revenue, to fund public services, infrastructure and administration.
Redistribution, to curb inequalities between individuals and between groups.
Repricing, to limit public “bads” such as tobacco consumption and carbon emissions.
Representation, to build healthier democratic processes, recognising that higher reliance of government. spending on tax revenues is strongly linked to higher quality of governance and political representation.
Reparation, to redress the historical legacies of empire and ecological damage.