OECD calls for crackdown on tax avoidance by multinationals
As this blog has been saying - there is $21 trillion hidden in tax havens, growing at $1 trillion a year. This is approximately ALL the World's surplus - generated by all the work that everybody does. But our work still is not enough for "The Free Markets" who tell us our nations have Mountains of Debt. We must all work harder, for less pay, to make the rich even richer - effortlessly.
The OECD says: "Figures show that, in 2010, Barbados, Bermuda and the British Virgin Islands received more foreign direct investment than Germany or Japan.
Not only do offshore havens act as a base for multinationals to deposit funds, the funds are recycled for further investment into developing nations. The British Virgin Islands was the second largest investor into China in 2010 after Hong Kong. The BVI accounted for 14% of all investments into China compared with 45% from Hong Kong. The US trailed with 4% of the total investment into China.
Cyprus is the top investor into Russia, with 25% of all foreign investment, while Mauritius accounts for a quarter of all foreign investment into India."
The ease with
which 'big guys' shift profits to offshore havens shows governments need to
step up their efforts - think-tank warns.
- Phillip Inman,
economics correspondent
- The Guardian, Tuesday 12
February 2013 13.28 GMT
http://www.guardian.co.uk/business/2013/feb/12/oecd-crackdown-tax-avoidance-multinationals
FLU PANDEMIC STARTS IN OXFORD UK - Farewell Cruel World - While the world and his wife are lying on Caribbean beaches swilling pinacoladas and scattering their tax-free dollars like confetti - I am on the verge of a flu virus induced premature death:-
FLU PANDEMIC STARTS IN OXFORD UK - Farewell Cruel World - While the world and his wife are lying on Caribbean beaches swilling pinacoladas and scattering their tax-free dollars like confetti - I am on the verge of a flu virus induced premature death:-
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| THEY SHOULD COLLECT THE OFFSHORE TAX AND INVEST IT IN OUR FOODTUBES FREIGHT PROJECT. |
It is cold and snowing here in Oxford today; and my gas powered Worcester-Bosch central heating boiler went on strike at 11am, with alarming, insistent glugging and banging sounds. Our stone floor has, allegedly, underfloor heating. Without heat it quickly freezes - or so it feels. The Bosch engineers are in great demand - because boilers stop more often in cold weather - and the engineers are driven by Free Market Forces. One is coming to our rescue ...in a few days time. He will find our boiler sort of operating, after a fashion, because, fearful of the cold, I spent all day looking at YouTube manuals, assembling my 3 or 4 DiY tools, and very slowly, with trepidation and great ignorance, disembowelling the Bosch. And the heating is now ON. Touch wood!
However, the OECD has pronounced on one of my hot topics - taxation (see above - I really must get out more) and what they say is pertinent to what I have previously written and is important to The World.
Lacking the energy to be both a crack gas water heating engineer and a top tax essayist on the same day; I leave you with the links to the OECD's opinions - basically saying it is time to collect all the back taxes, or the World will fall apart - which is my view too.
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