10 November 2017 Ratings agencies must downgrade businesses responsible for unethical practices such as tax evasion carried out through off-shore-registered companies, two United Nations human rights experts warned, while urging countries to cooperate to counter this global tax abuse problem.
“States must stop harmful tax competition amongst each other and work together to stop unethical tax avoidance schemes for wealthy individuals and international corporations,” said Juan Pablo Bohoslavsky, the UN Independent Expert on the effects of foreign debt and human rights, who also monitors the impact of illicit financial flows.
Mr. Bohoslavsky made the comment as information from the leak of the so-named ‘Paradise Papers’ continues to be exposed, following series of tax abuse scandals.
The Paradise Papers presented systematic tax avoidance by well-known international corporations, making use of tax havens in places such as Bermuda, the Cayman Islands, and the Isle of Man.
“Wealthy individuals and international
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