14/08/18

Tax haven link to rainforest destruction and illegal fishing

(BBC) -- Deforestation in the Amazon and widespread illegal fishing have both been linked to tax havens, according to a new study.

Some 68% of the investments tracked in the Amazon came from companies based in countries where no tax is paid.

When it comes to illegal fishing, around 70% of known vessels are registered in tax havens.

Tax avoidance schemes say the authors, are essentially subsidising the destruction of the environment.

While the Paradise Papers and the Panama Papers exposed how wealthy individuals and companies dodged personal and corporate taxes, this new study claims to be the first to show that tax havens have a significant environmental impact as well.

When it comes to deforestation, these havens play a key role.