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Wednesday, 12 October 2011

"Jersey slammed as 'tax haven' in charity report"

 Well Regulated And Transparent?

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Jersey has hit national headlines following a charity claim that more than 600 subsidiaries of the world's leading companies are using Jersey as a 'tax haven'.

More than 600 subsidiaries of FTSE 100 companies are based in the island.

ActionAid say that "corporate tax avoidance, which is one of the main reasons companies use tax havens, is having a massive impact on rich and poor countries alike", including places like Africa, who are missing out on hundreds of millions of pounds.

However, Jersey Finance says companies use the island as a tax neutral location that offers stability and strong regulation and not to dodge tax.

ActionAid's report says developing nations losing three times more to tax havens than they receive in aid each year.

Their investigation points out that there are over 600 FTSE 100 companies in Jersey - which is more than in the whole of China.

Chris Jordan, ActionAid’s tax justice expert said: "ActionAid’s research showing the use of tax havens by Britain’s biggest companies raises serious questions they need to answer.

"Tax havens have a damaging impact on the UK exchequer, the stability of the international financial system, and vitally on the ability of developing countries to raise tax revenues which would lift them out of poverty and make them less dependent on aid."

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