23/08/19

From Comment

International Financial Centres and Global Poverty: A Response to Oxfam

Oxfam is a British charity devoted to the reduction of global poverty. In early March, it published a report, Off the Hook: How the EU is about to Whitewash the Worst Tax Havens. This report claims that international finance centres (IFCs) such as the Bahamas, which characteristically impose no tax on corporate profits, thereby harm the world’s poor. It therefore laments the expected removal of several IFCs – Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Guernsey, Hong Kong, Isle of Man, Jersey, and Panama – from the EU’s “greylist” of “non-cooperative tax jurisdictions” (none being on the blacklist) in its first annual review, which was published shortly after the Oxfam report.