IMPORTANT ANNOUNCEMENT

SAO has merged into
IDN-InDepthNews,
flagship of the International Press Syndicate.

- Suresh Jaura
Publisher and Managing Editor

MORE SMOKE & MIRRORS

0712 flag pakistanSectarian violence in Karachi is just another chapter in Pakistan’s long history of violence against minorities, has afflicted Pakistan virtually from its moment of birth...

TRUMP'S FOREIGN POLICY

U.S. allies in Europe, Asia and the Middle East, smiling through their teeth, are feverishly hoping that Washington will maintain its security commitments. The Russians are ... . . ..   

AFGHANISTAN-PAKISTAN-USA

A US revaluation of its Af-Pak policy appears likely under Trump... It is, however, unlikely that US AfPak policy under Trump will be ‘more of the same’. Crucially, Pakistan’s role in supporting terrorism in Afghanistan . . .

NUCLEAR WWWIII

Escalation of hostility may become a thermonuclear WWIII.

ARM & TRAIN

Non-Muslims in violent conflict areas to enhance the security...

HYDRO BOOM & CONFLICTS

With approval of power plants, conflicts have arisen ...

SUICIDE TERRORISM

Growing support for suicide terrorism

.

Global Super Rich Hoard $31 Trillion In Tax Havens

AddThis Social Bookmark Button

By Common Dreams

A new report by the Tax Justice Network reveals that between $21 trillion and $31 trillion is currently tucked away in global tax havens by the global super-rich--an amount that far exceeds previous estimates. Through exploiting gaps in global tax rules, the global financial elite are managing to hide "as much as the American and Japanese GDPs put together" from taxation, leaving the world's poor to carry the burden of global debt through harsh austerity measures.

$32 trillion of hidden financial assets in offshore tax havens represents up to to $280 billion in lost income tax revenues, according to the study released to the Guardian's Observer.

The report pools data from the World Bank, International Monetary Fund, United Nations and global central banks.

In the report, The Price of Offshore Revisited, the Tax Justice Network details the ways in which the trillions of dollars are essentially smuggled out of countries into tax free havens such as Switzerland and the Cayman Islands through private banks.

According to the calculations, £6.3tn of assets is owned by only 92,000 people--0.001% of the world's population

"The problem here is that the assets of these countries are held by a small number of wealthy individuals while the debts are shouldered by the ordinary people of these countries through their governments," the report says.

"These estimates reveal a staggering failure: inequality is much, much worse than official statistics show, but politicians are still relying on trickle-down to transfer wealth to poorer people," said John Christensen of the Tax Justice Network. "People on the street have no illusions about how unfair the situation has become."

James Henry, who compiled the report, stated: “[Wealth is] protected by a highly paid, industrious bevy of professional enablers in the private banking, legal, accounting and investment industries taking advantage of the increasingly borderless, frictionless global economy.”

Picture credit: altercampagne.free.fr

QR Code

QR Code

Links

 

 

Banner

 

 

ADVERTISE

We provide advertisers access to one of the largest and emerging South Asian markets.

OUR GOAL

Our goal is to be a comprehensive source of news and views on South Asia, India and Canada.

AWARDS

Since July 2001, South Asian Outlok Publisher and Columnists have been honoured for their work.

2008     2005   2004

Find us on linkedin
Follow Us