- Dienstag, 09. Juni 2009 12.30 – 21.00 Uhr In meinem Kalender speichern
Tax Havens in Crisis
Transparency and New Rules for Tax and Regulatory Havens
How was it possible for the present financial crisis to develop apparently unnoticed and suddenly engulf the whole world? Where were the regulators and why were they unable to foresee such a disaster? It was possible because many highly speculative transactions occurred secretly: they were carried out in tax or regulatory havens, well hidden from public scrutiny. A shadow banking system was created, comprised of unregulated banks, hedge funds, and other unregulated financial institutions. This led to considerable destabilization of the entire system of world finance. For example, a significant part of the now dreaded mortgage-based securities were invested in special purpose entities in regulatory havens.
Tax and regulatory havens also enable wealthy individuals and multinational corporations to evade or avoid taxes. In so doing, these countries undermine the social contract in other countries which then lack the revenues necessary to provide adequate social welfare and public services. Countries deprived of these revenues thus see themselves forced to increase the burdens of honest taxpayers. The world’s poorest countries suffer the most from capital flight. It is estimated that developing countries lose about 850 billion US dollars annually in capital flowing to tax havens—a sum greater than what these countries receive in publicly funded development aid.
You are cordially invited to an open round of discussion with government officials, politicians, and representatives from international organizations and civil society. We will address the following questions and issues: How do tax and regulatory havens function? How do they destabilize the international financial system and enable tax avoidance and tax evasion? What must be done to solve the problem? What sort of concrete regulations are necessary? What are some of the possible obstacles to their effective implementation?
Participants:
Jack Blum (Attorney and US government consultant)
John Christensen (Tax Justice Network)
Heike Göbel (Frankfurter Allgemeine Zeitung)
Gerhard Schick (Alliance ’90/The Greens)
Tax and regulatory havens also enable wealthy individuals and multinational corporations to evade or avoid taxes. In so doing, these countries undermine the social contract in other countries which then lack the revenues necessary to provide adequate social welfare and public services. Countries deprived of these revenues thus see themselves forced to increase the burdens of honest taxpayers. The world’s poorest countries suffer the most from capital flight. It is estimated that developing countries lose about 850 billion US dollars annually in capital flowing to tax havens—a sum greater than what these countries receive in publicly funded development aid.
You are cordially invited to an open round of discussion with government officials, politicians, and representatives from international organizations and civil society. We will address the following questions and issues: How do tax and regulatory havens function? How do they destabilize the international financial system and enable tax avoidance and tax evasion? What must be done to solve the problem? What sort of concrete regulations are necessary? What are some of the possible obstacles to their effective implementation?
Participants:
Jack Blum (Attorney and US government consultant)
John Christensen (Tax Justice Network)
Heike Göbel (Frankfurter Allgemeine Zeitung)
Gerhard Schick (Alliance ’90/The Greens)
- Veranstalter*in
- Heinrich-Böll-Stiftung - Bundesstiftung Berlin