Tax havens: Where profits go to hide

Posted by Rachel George Digital Campaigns Manager

7th May 2013

Tax havens are, by nature, shady. And that's not just the swaying palm trees. But intrepid activists across the world have put together short videos exposing the truth about these financial foxholes, and we're showcasing our favourites all week. 

We've also got a brand new action you can take. 

Some background, first: 10 global tax havens have strong links to the UK. British Overseas Territories and Crown Dependencies like the Cayman Islands, the Turks and Caicos Islands, and Montserrat allow rich companies and individuals to avoid paying tax by hiding their income from the countries where the money should be taxed.

The lost income from just one type of dodging scheme - transfer mispricing - is estimated to be worth around $160 billion.

Here in Britain, the government has made deep cuts to social services across the nation in the name of austerity, and food banks have sprung up in many major towns and cities. Around the world, 1 in 8 people go to bed hungry every night. In Zambia, a recent report showed local market traders paid more tax than some big multinationals.

What could governments of both poor and rich countries do for their people, if they claimed the tax dodged through havens?

Next month, the G8 will be held in Northern Ireland. We think David Cameron needs to know that the British public won't put up with tax havens any longer. The vast majority of ordinary people pay their taxes every year. It's time the dodgers followed our example.

Sign our petition: David Cameron, close all tax havens

Saturday's film: Money on an Island - The Apopalyptics

This one is dedicated to the G7 Finance Ministers who meet today - perhaps they will be singing it on the way home! A rather silly video to end the week. If you have enjoyed any of these videos please do sign our petition to tell David Cameron to end tax havens.



Friday's film: Tell Associated British Foods to stop dodging tax in Zambia

How can a local market trader pay more tax than an international corporation? Tax havens.



Thursday's film: It's time to tackle tax havens

"Loot is protected in tax havens by a wall of secrecy and laws and regulations are always up for discussion."


Wednesday's film: Tax havens 101

All the basic facts about those islands in the sun (mostly) that hide billions every year.


Blog post written by Rachel George

Digital Campaigns Manager

More by Rachel George

Rachel George