G7 tax targets hidden $ 245 billion

The latest NGO annual report found that Argentina ranks 68 the classification of corporate tax havens, where jurisdictions are classified according to the degree of global financial secrecy they allow and the global tax abuse of companies they allow. TJN estimated that the country loses u $ s2.648 million per year for tax evasion, some of which u $ s2,000 million they are hidden by multinational companies with operations in the country. Argentina only has a 0.082% stake in the global concealment of funds in tax havens, some u $ s61 per year per inhabitant.

The plans include the overall minimum corporate tax rate which will, in principle, be 15%, will apply on u $ 245,000 million, although it is not yet defined. The first deal was struck by the US, UK, France, Germany, Canada, Italy and Japan, who offered to put pressure on other countries to follow. their example, which was seen during the meeting of finance and finance ministers of the G20 on the 9th and 10th of next year in Venice.

In this context, the Tax Justice Network assured that the British network of tax havens could face the greatest threat to its existence in half a century, after the United States and its allies pledged to demand more taxes of large multinational companies.

The islands of the former British Empire served as the primary jurisdiction for everyone from wealthy Chinese officials and Russian oligarchs to Western companies and hedge funds looking for tax cuts or secrecy. absolute.

However, the tax deal struck by G7 finance ministers in a grand 19th-century mansion near Buckingham Palace is likely to affect these islands after decades of attempts by major economies to recoup their income.

“This is a decisive moment”, He said Alex cobham, CEO of the Tax Justice Network, an advocacy group that fights against tax evasion. “We’ll look back in five or 10 years and say, ‘Yeah, that’s when it changed.’

As published by Reuters analyst Guy FaulconbridgeIf the details of the G7 compromise become a binding reality, the world’s hidden profit streams could be redirected in one of the most fundamental ways since the days when the British Empire collapsed in the 20th century.

As British power crumbled, some of its territories become autonomous and are no longer part of the United Kingdom but are the subject of British defense agreements and retain close links with London.

Which six countries are still considered tax havens by the EU

Some of these 14 British Overseas Territories – including Bermuda, British Virgin Islands, Cayman Islands, Gibraltar and Turks and Caicos Islands– they started to live on a mixture of tourism and finance.

UK tax havens are responsible for the 29% of u $ 245,000 million taxes that the world is losing to businesses, according to the Tax Justice Network, which British Virgin Islands, Cayman Islands and Bermuda, as the top three facilitators of corporate tax abuse on the planet.