A year on from the Paradise Papers, the world has not made sufficient progress to tackle the secrecy that facilitates the hiding of wealth in tax havens. With 10% of global GDP estimated to be hidden in tax havens, and inequality rising both in developed and developing countries, the lack of progress is worrying, according to the Independent Commission for the Reform of International Corporate Taxation (ICRICT).
The failure to force all tax havens to establish public registers of beneficial ownership of companies, trusts and foundations, allows the tax haven industry to keep on flourishing.
Efforts by the EU to create a tax haven list has been mired by its own secrecy process in the way jurisdictions have been judged and the decision not to assess EU tax havens, something we hope will change soon.
The call to end corporate tax