Summary

Article Metadata

British territories top corporate tax abusers

This is a the Cayman Islands news story, published by CNBC, that relates primarily to Bermuda news.

the Cayman Islands news

For more the Cayman Islands news, you can click here:

more the Cayman Islands news

Bermuda news

For more Bermuda news, you can click here:

more Bermuda news

banking & finance news

For more banking & finance news, you can click here:

more banking & finance news

CNBC news

For more news from CNBC, you can click here:

more news from CNBC

About the Otherweb

Otherweb, Inc is a public benefit corporation, dedicated to improving the quality of news people consume. We are non-partisan, junk-free, and ad-free. We use artificial intelligence (AI) to remove junk from your news feed, and allow you to select the best business news, entertainment news, world news, and much more. If you like banking & finance news, you might also like this article about

British tax havens

. We are dedicated to bringing you the highest-quality news, junk-free and ad-free, about your favorite topics. Please come every day to read the latest corporate tax havens news, British overseas territories news, banking & finance news, and other high-quality news about any topic that interests you. We are working hard to create the best news aggregator on the web, and to put you in control of your news feed - whether you choose to read the latest news through our website, our news app, or our daily newsletter - all free!

international tax avoidance

CNBC

•

Overseas UK territories are the ‘biggest enablers of corporate tax abuse,’ tax advocacy group says

Summary

Nutrition label

90% Informative

Advocacy group the Tax Justice Network has ranked the British Virgin Islands, followed by the Cayman Islands and Bermuda as "most complicit" in helping multinational corporations underpay corporate income tax.

TJN estimates that the UK and its British tax havens cost other countries an estimated $84 billion in corporate taxes annually .

Ireland receives more shifted profits than Bermuda and the Caribbean jurisdictions together, says Leopoldo Parada .

Parada: "All countries are using different tools to compete to attract investment. Some have infrastructure, others better tech or cheap labor.. countries that have less competitive advantages tend to offer other options".

VR Score

Informative language

Neutral language

Article tone

formal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful

Attention-grabbing headline

not detected

Known propaganda techniques

not detected

Time-value

short-lived

External references

https://taxjustice.net/2017/05/23/faking-residency-how/https://web-archive.oecd.org/tax/automatic-exchange/common-reporting-standard/index.htm https://taxjustice.net/2018/03/27/oecd-rules-vs-crs-avoidance-strategies-not-bad-but-short-of-teeth-and-too-dependent-on-good-faith/https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52021IP0022 https://taxjustice.net/press/tax-haven-ranking-uk-protects-itself-while-keeping-world-defenceless-to-british-tax-havens/#:~:text=Countries%20are%20estimated%20to%20lose,tax%20havens%20to%20underpay%20tax.https://www.bvi.gov.vg/media-centre/bvi-finance-new-face-financial-services https://financing.desa.un.org/sites/default/files/2024-08/Chair%27s%20proposal%20draft%20ToR_L.4_15%20Aug%202024____.pdf?_gl=1*jv3wuc*_ga*NzgyMzYzNTg3LjE3Mjg0Mzk1MTE.*_ga_TK9BQL5X7Z*MTcyODQzOTUxMS4xLjEuMTcyODQzOTUyNy4wLjAuMA..*_ga_S5EKZKSB78*MTcyODQzOTUyNy4xLjEuMTcyODQzOTY0Ni4yNi4wLjA.https://www.gov.uk/government/consultations/consultation-tougher-consequences-for-promoters-of-tax-avoidance/outcome/tougher-consequences-for-promoters-of-tax-avoidance-summary-of-responses https://oi-files-d8-prod.s3.eu-west-2.amazonaws.com/s3fs-public/2019-12/Thematic%20briefing%20-%20Tax.pdf https://www.oecd.org/en/topics/sub-issues/global-minimum-tax.html https://news.un.org/en/story/2024/08/1153301 https://cthi.taxjustice.net/https://taxjustice.net/press/tax-haven-ranking-uk-protects-itself-while-keeping-world-defenceless-to-british-tax-havens/https://www.oecd.org/content/dam/oecd/en/topics/policy-sub-issues/harmful-tax-practices/harmful-tax-practices-consolidated-peer-review-results-on-preferential-regimes.pdf https://documents.un.org/error https://taxjustice.net/press/world-to-lose-4-7-trillion-to-tax-havens-over-next-decade-unless-un-tax-convention-adopted-countries-warned/https://publications.jrc.ec.europa.eu/repository/handle/JRC121296

Source diversity

taxjustice.net web-archive.oecd.org eur-lex.europa.eu www.bvi.gov.vg financing.desa.un.org www.gov.uk oi-files-d8-prod.s3.eu-west-2.amazonaws.com www.oecd.org news.un.org cthi.taxjustice.net documents.un.org publications.jrc.ec.europa.eu

Affiliate links

no affiliate links

Read full article