Carey L Biron the American Washington correspondent reporting on development, international governance and US foreign policy has published an article on the IPS News Service titled ‘U.S. Firms Stash Tens of Billions in Tax Havens’. Biron states “The research arm of the U.S. Congress is warning that U.S. corporations’ use of tax havens has risen substantially in recent years, with companies offering massively inflated profit reports from small countries with loose tax regulations. …Further, these numbers appear to be growing. Extrapolation from the new CRS statistics suggests that U.S. corporate profits reported from, for instance, Bermuda grew by five times during the decade leading up to 2008, the last year for which data is available. Perhaps the most striking part of the new findings is simply the brazenness with which U.S. corporations appear to have become accustomed to misreporting their overseas earnings. …Incredibly, notes Citizens for Tax Justice, an advocacy group here in Washington, these countries were found to have accounted for 43 percent of the 940 billion dollars of overseas profits reported by U.S. multinational corporations, despite having made just seven percent of their foreign investments in those same countries. On the other hand, the five countries where U.S. corporations do much of their overseas business (the United Kingdom, Germany, etc) were reported to tax authorities as having accounted for just 14 percent of overseas profits. …Tax-dodging effectively takes food from hungry mouths,” Stephen Hale, advocacy head for Oxfam, said in a statement. The group offers an estimate of 32 trillion dollars currently sitting in tax havens around the world, and notes that taxes on this lump sum could raise nearly 190 billion dollars a year. On the contrary, Oxfam states, “Just 50.2 billion (dollars) a year is estimated to be the level of additional investment needed, combined with other policy measures, to end global hunger.” Inspired by Carey L. Biron, IPS News ow.ly/hYE3X Image source Twitter ow.ly/hYE37 32 trillion dollars currently sitting in tax havens (March 8 2013)

 

Carey L Biron the American Washington correspondent reporting on development, international governance and US foreign policy has published an article on the IPS News Service titled ‘U.S. Firms Stash Tens of Billions in Tax Havens’. Biron states “The research arm of the U.S. Congress is warning that U.S. corporations’ use of tax havens has risen substantially in recent years, with companies offering massively inflated profit reports from small countries with loose tax regulations. …Further, these numbers appear to be growing. Extrapolation from the new CRS statistics suggests that U.S. corporate profits reported from, for instance, Bermuda grew by five times during the decade leading up to 2008, the last year for which data is available. Perhaps the most striking part of the new findings is simply the brazenness with which U.S. corporations appear to have become accustomed to misreporting their overseas earnings. …Incredibly, notes Citizens for Tax Justice, an advocacy group here in Washington, these countries were found to have accounted for 43 percent of the 940 billion dollars of overseas profits reported by U.S. multinational corporations, despite having made just seven percent of their foreign investments in those same countries. On the other hand, the five countries where U.S. corporations do much of their overseas business (the United Kingdom, Germany, etc) were reported to tax authorities as having accounted for just 14 percent of overseas profits. …Tax-dodging effectively takes food from hungry mouths,” Stephen Hale, advocacy head for Oxfam, said in a statement. The group offers an estimate of 32 trillion dollars currently sitting in tax havens around the world, and notes that taxes on this lump sum could raise nearly 190 billion dollars a year. On the contrary, Oxfam states, “Just 50.2 billion (dollars) a year is estimated to be the level of additional investment needed, combined with other policy measures, to end global hunger.”

 

Inspired by Carey L. Biron, IPS News ow.ly/hYE3X Image source Twitter ow.ly/hYE37