ICIJ Grants Open Access to Panama Papers Offshore Data Through Neo4j Submitted By: Sarum PR Wednesday, 11 May 2016
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Who Owns the Wealth in Tax Havens? Macro Evidence and Implications for Global Inequality
Journal of Public Economics 162 (2018) 89–100 Contents lists available at ScienceDirect Journal of Public Economics journal homepage: www.elsevier.com/locate/jpube Who owns the wealth in tax havens? Macro evidence and implications for ☆ T global inequality Annette Alstadsætera, Niels Johannesenb, Gabriel Zucmanc,d,* a Norwegian University of Life Sciences, Norway b CEBI, University of Copenhagen, Denmark c UC Berkeley, United States d NBER, United States ARTICLE INFO ABSTRACT Keywords: Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth Inequality owned by each country in offshore tax havens. The equivalent of 10% of world GDP is held in tax havens Wealth globally, but this average masks a great deal of heterogeneity—from a few percent of GDP in Scandinavia, to Tax evasion about 15% in Continental Europe, and 60% in Gulf countries and some Latin American economies. We use these Tax havens estimates to construct revised series of top wealth shares in ten countries, which account for close to half of JEL classification: world GDP. Because offshore wealth is very concentrated at the top, accounting for it increases the top 0.01% H26 wealth share substantially in Europe, even in countries that do not use tax havens extensively. It has considerable H87 effects in Russia, where the vast majority of wealth at the top is held offshore. These results highlight the E21 importance of looking beyond tax and survey data to study wealth accumulation among the very rich in a globalized world. 1. Introduction statistics, we do not have a clear view of who uses tax havens. -
European Parliament
EUROPEAN PARLIAMENT Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion Public Hearing The Panama papers – Discussion with the investigative journalists behind the revelations 27 September 2016 9h00 - 11h30 (2h30) Paul-Henri Spaak 1A002 Brussels Draft PROGRAMME 09:00 - 09:10 Welcome by the PANA Chair 09:10 - 09:20 Pre-recorded messages from Gerard Ryle and Marina Walker, Directors at the International Consortium of Investigative Journalists (ICIJ) [based in Washington DC] Bastian Obermayer, Süddeutsche Zeitung [based in Washington DC] 09:20 - 10:10 Presentations by speakers (all confirmed, at 7 min each) Frederik Obermaier (Süddeutsche Zeitung) (via Skype/ visioconference) Kristof Clerix (Knack magazine, Belgium) Oliver Zihlmann (Sonntagszeitung | Le Matin Dimanche, Switzerland) Julia Stein and Jan Strozyk (Norddeutscher Rundfunk/ NDR, Germany) Minna Knus (MOT, Finnish Broadcasting Company, Finland) 10:30 - 11:25 Discussion with PANA Members 11:25 - 11:30 Conclusions by the PANA Chair Secretariat of the Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion [email protected] PUBLIC HEARING THE PANAMA PAPERS – DISCUSSION WITH THE INVESTIGATIVE JOURNALISTS BEHIND THE REVELATIONS TUESDAY, 27 SEPTEMBER 2016 9.00 - 11.30 Room: Paul-Henri Spaak (1A002) CVS OF THE JOURNALISTS Gerard Ryle Gerard Ryle leads the ICIJ’s headquarters staff in Washington, D.C., as well as overseeing the consortium’s more than 190 member journalists in more than 65 countries. Before joining as the ICIJ’s first non-American director in September 2011, Ryle spent 26 years working as a reporter, investigative reporter and editor in Australia and Ireland, including two decades at The Sydney Morning Herald and The Age newspapers. -
Hidden Wealth
Hidden Wealth Neil Cummins∗ July 1, 2020 Abstract I propose a method to measure hidden wealth using historical archives. Applying this to Eng- land, 1920-1992, it is revealed that elites conceal, at minimum, around 20% of their inherited wealth. Among dynasties, this hidden wealth, independent of declared wealth, predicts appear- ance in the Offshore Leaks Database of 2013-6, house values in 1999, and Oxbridge attendance, 1990-2016. Accounting for hidden wealth eliminates one-third of the observed decline of the top 10% wealth-share over the past century. I find 8,839 dynasties that are hiding at least £7.4 Billion. JEL: N00, N33, N34, D31, H26 Keywords: hidden wealth; inequality; economic history; big data; tax evasion ∗Economic history, LSE and CEPR. Email: [email protected], neilcummins.com. Thanks to Olivier Ac- cominotti, Greg Clark, Morgan Kelly, Andy Summers, Patrick Wallis, Gabriel Zucman and seminar participants at Lucerne, Humboldt and the LSE for helpful suggestions. 1 1 Introduction The 20th century’s ‘Great Equalization’ of wealth in Europe and the United States was the result of the decline of the top wealth-shares. In England the wealth-share of the top 1% transformed from over 75%, in 1900, to less than 20% by 1970. New wealth created by the post-war ‘Golden Age’ of economic growth grew faster than net-of-taxes returns on capital (Piketty (2014), p.362-3). We base this stylized fact primarily upon observed, or declared, wealth. But the incentive to hide wealth exploded over the 20th century. In the 1950s, the top rate of estate tax was around 80%. -
Dstv-Positionen Zur Bundestagswahl 2017
www.dstv.de DStV-Positionen zur Bundestagswahl 2017 Baden- Berlin- Württemberg Brandenburg Rheinland- Saarland Schleswig- Westfalen- Pfalz Holstein Lippe Impressum Verantwortlich für den Inhalt: Deutscher Steuerberaterverband e.V. Littenstraße 10 10179 Berlin Telefon: 030 27876-2 Telefax: 030 27876-799 E-Mail: [email protected] www.dstv.de Stand: Februar 2017 Bildnachweis: © apfelweile - fotolia.de ÜBER DEN DEUTSCHEN STEUERBERATERVERBAND e.V. Der Deutsche Steuerberaterverband e.V. (DStV) repräsentiert bundesweit rund 36.500 und damit über 60 % der selbstständig in eigener Kanzlei tätigen Berufsangehörigen. Er vertritt ihre Interessen im Berufsrecht, im Steuer- recht, der Rechnungslegung und dem Prüfungswesen. Die Berufsangehörigen sind als Steuerberater, Steuerbe- vollmächtigte, Wirtschaftsprüfer, vereidigte Buchprüfer und Berufsgesellschaften, in den uns angehörenden 16 regionalen Mitgliedsverbänden freiwillig zusammengeschlossen. 2 DStV-POSITIONEN ZUR BUNDESTAGSWAHL 2017 EINLEITUNG Deutschland finanziert seine vielfältigen Aufgaben menbedingungen bilden eine attraktive Grundlage, weitgehend durch Steuern. Die Auferlegung und Erhe- Investitionen zu tätigen oder wichtige persönliche Dis- bung der Steuern müssen rechtsstaatlichen Grundsät- positionen zu treffen und damit Risiken einzugehen. zen gerecht werden. So hat das Bundesverfassungsge- richt immer wieder den Grundsatz der Folgerichtigkeit Der Staat ist daher verpflichtet, mithilfe des Steuer- als Ausprägung des Prinzips der Gleichbehandlung rechts entsprechende Rahmenbedingungen -
Democratic Information in an Age of Corporate Power
14 09/2016 N°14 Democratic Information in an Age of Corporate Power Democratic Information in an Age of Corporate Power The Passerelle Collection The Passerelle Collection, realised in the framework of the Coredem initiative (Communauté des sites de ressources documentaires pour une démocratie mondiale– Community of Sites of Documentary Resources for a Global Democracy), aims at presenting current topics through analyses, propos- als and experiences based both on field work and research. Each issue is an attempt to weave together various contribu- tions on a specific issue by civil society organisations, media, trade unions, social movements, citizens, academics, etc. The publication of new issues of Passerelle is often associated to public conferences, «Coredem’s Wednesdays» which pursue a similar objective: creating space for dialogue, sharing and build- ing common ground between the promoters of social change. All issues are available online at: www.coredem.info Coredem, a Collective Initiative Coredem (Community of Sites of Documentary Resources for a Global Democracy) is a space for exchanging knowl- edge and practices by and for actors of social change. More than 30 activist organisations and networks share informa- tion and analysis online by pooling it thanks to the search engine Scrutari. Coredem is open to any organisation, net- work, social movement or media which consider that the experiences, proposals and analysis they set forth are building blocks for fairer, more sustainable and more responsible societies. Ritimo, the Publisher The organisation Ritimo is in charge of Coredem and of publishing the Passerelle Collection. Ritimo is a network for information and documentation on international solidarity and sustainable development. -
Paradise Papers: a Global Investigation | Pulitzer Center 5/6/20, 11:36 AM
Paradise Papers: A Global Investigation | Pulitzer Center 5/6/20, 11:36 AM ACCESS OUR LATEST REPORTING AND RESOURCES ON COVID-19 → (https://pulitzercenter.org/covid-19) × PROJECT Paradise Papers The Paradise Papers is a global investigation that reveals the offshore activities of ICIJ's global investigation that reveals the some of the world’s most powerful people and companies. offshore activities of some of the world’s most powerful people and companies. The International Consortium of Investigative Journalists and more than 95 media AUTHOR partners explored 13.4 million leaked files from a combination of offshore law firms and company registries of some of the world’s most secretive countries. The files were obtained by the German newspaper Süddeutsche Zeitung. ALVARO ORTIZ As a whole, the Paradise Papers expose offshore holdings of political leaders and their financiers as well as household-name companies that slash taxes and operate (https://pulitzercenter.org/people/alvaro- in secret. Financial deals of billionaires, celebrities and sports stars are also ortiz) revealed in the documents. Grantee The leak details the offshore activities of 13 advisers, donors and members of Álvaro Ortiz is the founder of Populate, a product design studio focused on civic engagement. Among President Donald J. Trump’s administration, including Commerce Secretary Wilbur other projects, Populate created the Panama Papers Ross’s interests in a shipping company that makes millions of dollars from an website and Offshore Leaks searchable database... energy firm whose owners include Russian President Vladimir Putin’s son-in-law and a sanctioned Russian tycoon. ROCCO FAZZARI President Donald Trump vowed to fight the power of global elites and told voters he would put “America First.” But surrounding Trump are a number of close (https://pulitzercenter.org/people/rocco- associates who have used offshore tax havens to conduct business. -
Estimating Illicit Financial Flows OUP CORRECTED PROOF – FINAL, 25/01/20, Spi OUP CORRECTED PROOF – FINAL, 25/01/20, Spi
OUP CORRECTED PROOF – FINAL, 25/01/20, SPi Estimating illicit financial flows OUP CORRECTED PROOF – FINAL, 25/01/20, SPi OUP CORRECTED PROOF – FINAL, 25/01/20, SPi Estimating illicit financial flows A critical guide to the data, methodologies and findings ALEX COBHAM AND PETR JANSKÝ JANUARY 2020 1 OUP CORRECTED PROOF – FINAL, 25/01/20, SPi 1 Great Clarendon Street, Oxford, OX2 6DP, United Kingdom Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide. Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries © Alex Cobham and Petr Janský 2020 The moral rights of the authors have been asserted First Edition published in 2020 Impression: 1 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, for commercial purposes without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by licence or under terms agreed with the appropriate reprographics rights organization. reprographics rights organization. This is an open access publication, available online and distributed under the terms of a Creative Commons Attribution – Non Commercial – No Derivatives 4.0 International licence (CC BY-NC-ND 4.0), a copy of which is available at http://creativecommons.org/licenses/by-nc-nd/4.0/. Enquiries concerning reproduction outside the scope of this licence should be sent to the Rights Department, Oxford University Press, at the address above Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016, United States of America British Library Cataloguing in Publication Data Data available Library of Congress Control Number: 2019945448 ISBN 978–0–19–885441–8 Printed and bound in Great Britain by Clays Ltd, Elcograf S.p.A. -
Kristof Clerix
Kristof Clerix Kristof Clerix, Belgium, works as an investigative reporter for the Belgian weekly news magazine Knack. He specialises in security related topics. Clerix has worked as a journalist in Belgium since 2002. After two years freelancing for the Belgian daily De Morgen, he joined the team of MO*, a Belgian monthly magazine on international affairs. There he reported from more than 40 countries, including Albania, Armenia, the Baltic States, Bosnia, Bulgaria, Georgia, Kosovo, Moldova, Morocco, the disputed region of Nagorno Karabakh, Poland, Romania, Russia, Slovakia, the disputed region Transnistria and Ukraine. He has written substantially on security topics such as terrorism, international police cooperation, intelligence, NATO, EU defense policy, drug smuggling, human trafficking, illegal arms dealing, nuclear proliferation, city gangs, energy and pipelines, geopolitics and frozen conflicts. In 2006, Clerix wrote the book "Vrij Spel", on the activities of foreign secret services operating in Belgium, host country to the NATO headquarters and European institutions. His second book, "Spionage. Doelwit: Brussel", on Cold War espionage was published in 2013. Clerix is regularly contacted by international media to comment on the Belgian security apparatus. He wrote several contributions for The Guardian, on the fight against terrorism in the heart of Europe. In 2013 Clerix joined ICIJ. He contributed to Lux Leaks, Swiss Leaks, Evicted and Abandoned, the Panama Papers and Bahamas Leaks. Clerix has represented ICIJ at several international conferences, organised by Europol, the European Parliament, and the Financial Transparency Coalition. In 2016 Clerix started working for the news magazine Knack, focusing on international muckracking. Next to ICIJ collaborations, Clerix worked on several other cross border investigative projects, including the MEPs project and Security For Sale. -
Survival of the Richest. Europe's Role in Supporting an Unjust Global Tax
Survival of the Richest Europe’s role in supporting an unjust global tax system 2016 Acknowledgements This report was produced by civil society organisations in countries across Europe, including: Attac Austria (Austria); Vienna Institute for International Dialogue and Cooperation (VIDC) (Austria); 11.11.11 (Belgium); Centre national de coopération au développement (CNCD-11.11.11) (Belgium); Glopolis (Czech Republic); Oxfam IBIS (Denmark); Kehitysyhteistyön palvelukeskus (KEPA) (Finland); CCFD-Terre Solidaire (France); Oxfam France (France); Netzwerk Steuergerechtigkeit (Germany); Debt and Development Coalition Ireland (DDCI) (Ireland); Oxfam Italy (Italy); Re:Common (Italy); Latvijas platforma attīstības sadarbībai (Lapas) (Latvia); Collectif Tax Justice Lëtzebuerg (Luxembourg); the Centre for Research on Multinational Corporations (SOMO) (Netherlands); Tax Justice Netherlands (Netherlands); Tax Justice Network Norway (Norway); Instytut Globalnej Odpowiedzialnosci (IGO) (Poland); Ekvilib Institute (Slovenia); Focus Association for Sustainable Development (Slovenia); Inspiraction (Spain); Forum Syd (Sweden); Christian Aid (UK). The overall report was coordinated by Eurodad. Each national chapter was written by – and is the responsibility of – the nationally-based partners in the project. The views in each chapter do not reflect the views of the rest of the project partners. The chapters on Luxembourg and Spain were written by – and are the responsibility of – Eurodad. Design and artwork: James Adams. Copy editing: Vicky Anning, Jill McArdle and Julia Ravenscroft. The authors believe that all of the details of this report are factually accurate as of 15 November 2016. This report has been produced with the financial assistance of the European Union, the Norwegian Agency for Development Cooperation (Norad) and Open Society Foundations. The contents of this publication are the sole responsibility of Eurodad and the authors of the report, and can in no way be taken to reflect the views of the funders. -
The Panama Papers Prove: It Is Time for Action!
Herausgegeben von The Panama Papers prove: It is time for action! The Panama Papers constitute a massive leak of 11.5 million documents which are related to the law firm Mossack Fonseca based in Panama. Reports on the Panama Papers were first published on 3 April 2016; a large part of the data set has now been made publicly accessible. The volume of the Panama Papers exceeds the combined total of the Wikileaks Cablegate, Offshore Leaks, Lux Leaks, and Swiss Leaks, and has important implications for development cooperation. A holistic approach is needed to address the various dimensions of IFF. By Johannes Köckeis & Dr. Christiane Schuppert The Panama Papers have brought the issue of illicit financial linked with the revelations. In the case of Peru, both run-off flows (IFF) to the heart of public and political debate. The docu- presidential candidates were specified in the documents. ments reveal how the Panamanian law firm Mossack Fonseca facilitated the creation of about 214.000 anonymous shelf com- The role of secrecy jurisdictions panies. 140 of these companies are connected to politicians or Financial centers that offer far reaching private protection rules public officials, such as Sigmundur Davíð Gunnlaugsson who was and allow the creation of shelf companies and similar legal enti- forced to resign as Prime Minister of Iceland due to the revela- ties are frequently referred to as secrecy jurisdiction. The benefi- tions of the Panama Papers. cial owner, that is the individual or entity that actually benefits from the funds, remains unknown. Many secrecy jurisdictions Within the context of the Panama Papers, several connections offer little or no tax liability to foreign individuals and businesses between partner countries of German development cooperation and are accordingly also referred to as tax havens. -
FACT SHEET Why We Need to Make Multinationals Pay Their Share Of
FACT SHEET Why we need to Make Multinationals Pay Their Share of Tax Summary of international tax scandals Paradise Papers When: November 2017 Investigation coordinated by: International Consortium of Investigative Journalists (ICIJ) What: A global news exposé based on 13.4 million leaked files from offshore serviCe providers and company registries. The majority of the files came from the law firm Appleby (in particular from their office in Bermuda), but the files also included documents from the trust company Asiaciti and from 19 different company registers from secrecy jurisdictions around the world. Among other things, the Paradise Papers revealed the tax planning strategies of more than 100 multinational Corporations, inCluding Nike and Apple, as well as offshore aCtivities by more than 120 politicians and world leaders. The Global Laundromat scandal When: March 2017 Investigation coordinated by: Organized Crime and Corruption Reporting Project (OCCRP) What: Between 2011 and 2014, over US$ 20 billion from Russia was laundered through more than 5000 companies, many of the anonymous shell-companies in the UK. The money ended up in over 700 different banks in 96 countries, including several EU countries. Panama Papers: When: April 2016 Investigation coordinated by: International Consortium of Investigative Journalists (ICIJ) What: The Panama Papers scandal was based on 11 million leaked documents from the law firm MossaCk FonseCa in Panama. These doCuments revealed a global network of shell companies and hidden bank accounts, which were being used to facilitate tax evasion, bribery, arms deals, financial fraud and drug traffiCking. The leak showed that some of the world’s largest banks had been involved in setting up seCret offshore struCtures for their clients, which inCluded a large number of celebrities, including 140 politicians from 50 countries. -
Policy Brief-Eeespolicy-N°3-2018-EN.Indd
ETUI Policy Brief European Economic, Employment and Social Policy N° 3/2018 Tax justice in Europe: why does it matter for workers? – Tove Maria Ryding Tove Maria Ryding is Policy recommendations the Policy and Advocacy Manager for Tax Through a number of leaks and scandals (for example, Panama Papers, LuxLeaks, Paradise Justice at the European Papers), public awareness of the magnitude and mechanisms of tax evasion and avoidance has Network on Debt and dramatically increased. Workers are affected in a number of ways by this, including pressure on public jobs and services caused by a loss of tax revenues, and a lack of transparency about Development (Eurodad). their employers’ financial standing. Following the numerous scandals, tax and transparency have become central issues on the EU agenda, and the political pressure for change has grown dramatically. Workers’ rights advocates should seize this opportunity to bring their arguments to bear onto the debate. Important measures to reduce tax evasion and avoidance being considered by the EU Parliament, Commission and Member States include country by country reporting and public registers of beneficial owners of companies and trusts. However, transparency is only the first step. Trade unions should also join the call for new international tax rules which consolidate the profits of multinational groups and fairly apportion these profits between countries for taxation. Finally, legal protection is needed for whistleblowers reporting tax dodging. ............................................................................................................................................ 1. Introduction and that corporate structures can be abused to dodge taxes. But what are the implications for workers and the broader public? And Many large-scale, international tax-dodging scandals have grabbed what are the possible solutions to these problems? the headlines in recent years.