
Nick Shaxson ■ IMF tackles tax havens

At least, the IMF’s latest edition of Finance & Development is focused on the “hidden corners of the global economy” – which naturally involves tax havens. It carries a feature by TJN contributor Nicholas Shaxson (author of Treasure Islands and the more recent The Finance Curse,) entitled Tackling Tax Havens.
Here’s (maybe) the most arresting sentence, in case you didn’t know this:
We are now at the start of the most significant period of change to the international corporate tax system in a century
But the core argument of the article is in the subtitle:
The billions attracted by tax havens do harm to sending and receiving nations alike.
That is the Finance Curse analysis, co-developed over many years by your humble correspondent today, in partnership with TJN’s John Christensen. This analysis potentially changes everything in terms of the political dynamics of the debate. As the article explains:
It seems that for many economies, hosting an offshore financial center is a lose-lose proposition: it not only transmits harm outward to other countries, but inward, to the host.
Countries that recognize this danger can act unilaterally to rein in their offshore financial centers, simply stepping out of the race to the bottom and curbing tax haven activity while also improving their own citizens’ well-being.
This is a powerful, winning formula. Crack down, and there’s no loss of anything you might call “international competitiveness.” International collaboration and co-operation help, but you don’t need to wait for this before acting.
We can act against tax havens immediately. Indeed, we must.
Related articles

Amazon’s tax challenge: the Tax Justice Network podcast, the Taxcast

Registro global de ativos pode acabar com sigilo financeiro: the Tax Justice Network Portuguese podcast
Taxation, illicit financial flows and human rights – Submission to UN Expert
29 June 2022

June 2022 Spanish language tax justice podcast, Justicia ImPositiva: Los grandes ganadores

Tax Justice Network Arabic podcast #54: كارتيل البنوك في تونس: أثرياء الحرب في زمن البؤس

The Tax Justice Network’s French podcast: Lancement en Afrique de l’Indice d’Opacité Financière 2022: L’urgence d’un système fiscal international sous l’égide des Nations Unies #40

Tax Justice Network Portuguese podcast: EUA: maiores facilitadores de corrupção global #37

African Ministers call for UN tax convention to protect against financial secrecy supplied by the richest nations

African countries improve on Financial Secrecy Index, call for UN tax convention to end plunder
