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Atradius Dutch State Business' Support for Transactions Via Tax

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Atradius Dutch State Business' Support for Transactions Via Tax Both ENDS November 2013 Connecting people for change Cover for what? Atradius Dutch State Business’ support for transactions via tax havens CREDITS 2013 Both ENDS Text: Daniel Beizsley / Wiert Wiertsema Editing: Nick Parrott, www.TextualHealing.nl Design: Margo Vlamings, www.margovlamings.nl Cover for what? Atradius Dutch State Business’ support for transactions via tax havens TABLE OF CONTENTS Summary 3 1 Introduction 4 2 Export credit agencies - why the concern? 5 3 Atradius DSB - the Dutch state-backed ECA 8 4 Case Studies 10 4.1 Atradius DSB provided cover for a company facing allegations of tax evasion 10 4.2 Atradius DSB provided cover for Dutch companies registered abroad 12 4.3 Atradius DSB provided cover for beneficial owners in tax havens 14 5 Conclusion 15 Policy Recommendations 16 2 SUMMARY This report demonstrates how financial transactions supported by the state-backed export credit agency of the Netherlands - Atradius Dutch State Business (Atradius DSB) - regularly involve parties registered in tax havens. These types of transactions allow multi-national enterprises (MNEs) to adopt aggressive tax avoidance positions that undermine the ability of countries (including the Netherlands) to collect tax effectively, corroding their tax sovereignty. The report unravels the complex structures employed by these MNEs operating in tax havens in order to drastically reduce their tax liability and to conceal the involvement of shadowy third parties. The report shows that there is a lack of effective measures in place to exclude parties involved in tax evasion and money laundering from obtaining support from Export Credit Agencies (ECAs). It also makes recommendations for increasing transparency and (self)-regulation of ECAs so that their activities are more aligned with international efforts to counter money laundering and tax evasion. 3 1 INTRODUCTION Both ENDS recognises that the ECAs in this respect, the work of ownership and company structures. connection between international which is overseen by the same OECD, Using this information, we were then financing and the fight against remains shrouded in secrecy. able to show how some MNEs adopt poverty is vital for the promotion of aggressive tax avoidance positions to sustainability for all. Both ENDS works METHODOLOGY reduce their tax liabilities by creating with local partners in developing artificial structures that bypass weak countries and initiates and actively This project came about as part of national laws. By successfully tracking participates in policy dialogues on a collaboration between Both ENDS all the parties involved in these trade and investment issues. We and the Faculty of Law at Utrecht transactions, we show that these monitor the activities of big financial University. Our interest in this subject complicated corporate structures institutions, such as the World Bank was born out of concern about the often include third parties whose Group and the IMF and, as part of our lack of transparency and accountability involvement is often hidden from international capital flows programme, in the way that public sector finance Atradius DSB. Atradius DSB does we also scrutinise and highlight the institutions secure finance for private not require applicants to publicly activities of export credit agencies sector projects. This research into the disclose the ultimate beneficiaries of (ECAs). On several occasions we have connection between publicly backed the companies involved in the deals documented cases where transactions export credits in the Netherlands and for which they are seeking support. supported by ECAs have had a the use of tax havens highlights a Also it does not disclose what other negative impact on environmental, potential for abuse and a lack of policy information it requires to satisfy its social and human rights issues1. instruments to duly govern the use of due diligence obligations (in order to public ECAs. This report concentrates avoid unwittingly supporting money Both ENDS is an active member on the example of the Dutch state- laundering and tax evasion). In this of the Tax Justice Network (TJN) backed ECA - Atradius DSB. It shows context companies are able to use that has successfully campaigned for how some MNEs that it works with use secretive legal structures to hide transparency in international finance artificial tax structures at the expense potentially illegal activities. and has managed to trigger debates of revenues of the governments in at the highest policy levels on fair the countries where the activities To complement the data generated taxation policies. Research conducted are carried out and of the Dutch from company records, we conducted by TJN members has shown how state. To build up an accurate view of interviews with representatives from tax evasion or avoidance is linked transactions supported by Atradius the Dutch Ministry of Finance, the to weaknesses in current tax policy DSB that make use of tax havens, OECD and officials from institutions frameworks2. A significant part of we traced the range of companies located in tax havens. Atradius DSB TJN’s research has focused on the (the Dutch exporting company, the declined to take part in this research. disruptive role that tax havens play debtor, the company acting as a in international trade. This report guarantor on behalf of the debtor ACKNOWLEDGMENTS focuses on the connection between company and the financier) involved transactions supported by ECAs in a number of export transactions. The authors wish to express their and tax havens. While the need for We collected public information from acknowledgement and gratitude to greater transparency in international chambers of commerce and corporate all people who have commented on taxation policies has been recognised annual reports and by accessing draft texts of this report. In particular and adopted at international level company databases. This allowed us we wish to mention: Nick Hildyard, – including by the Organisation to trace each financial entity and its Danielle Hirsch, Deborah Lambert for Economic Cooperation and subsidiaries around the globe and Perez, Doug Norlen, Antonio Tricarico, Development (OECD) – the role of construct maps of their corporate and Damián Zaitch. 4 NOTES 1 See for example Both ENDS’ reports: - ‘Export Credit Debt. How ECA support to corporations indebts the world's poor.’ http://www.bothends. EXPORT CREDIT AGENCIES – org/uploaded_files/document/ Briefing_paper_Export_Credit_Debt. pdf WHY THE CONCERN? - ‘Review of dredging activities for entry channel and harbour basin of 2 Promar S.A. shipyard, Suape, Brazil’ http://www.bothends.org/uploaded_ files/document/130222_Report_ Export credit agencies (ECAs) are credit insurance, but in the last decade Suape.pdf public or private institutions which act ECAs from emerging economies 2 See: http://www.tackletaxhavens. on behalf of governments and provide (China, India and Brazil) have begun com/ insurance and guarantee services to to offer serious competition. Between domestic exporters doing business 2006 and 2010 China provided about 3 Stephen Ezell, “Understanding the abroad. Typically, export credit $203 billion3 in medium and long-term Importance of Export Credit Financing to U.S. Competitiveness,” p.7; The insurance covers the risk of exporting export credit financing, around 4 times Information Technology & Innovation capital goods, such as machinery and the amount provided by the Export- Foundation. Retrieved from http:// ships, or for construction works that Import Bank of the United States in www.itif.org/files/2011-export-credit- financing.pdf form part of infrastructure projects. the same period. At present the ECA As insurers, ECAs guarantee that the supported transactions from OECD 4 Source: Export-Import Bank of exporting company will be paid in countries are estimated to constitute the United States: http://www. exim.gov/about/library/reports/ the event of unforeseen political and slightly over a third of the government competitivenessreports/upload/2011_ economic circumstances or by currency supported export credits at a global Competitiveness_Report-1.pdf fluctuations that might prevent full level4. or timely payment by their business partners. ECAs are typically not subject to information disclosure requirements State-backed ECAs often work under and there is little public awareness the mandate of a finance ministry. about their (significant) role in the In some cases they are government global economy. This report looks agencies and in other cases quasi- into the due diligence of the Dutch governmental organisations. The ECA Atradius Dutch State Business companies they serve are required (Atradius DSB), in relation to its to pay premiums and/or interest responsibility to contribute to the rates for this support. The minimum prevention of public support for levels of premiums and interest rates transactions involving potential tax are regularly renegotiated within evasion and/or money laundering. the Organisation for Economic It explores Atradius DSB’s Cooperation and Development operations, reviewing examples of (OECD), which sets parameters under transactions that it has supported which member states operate their that are structured via tax havens. By ECAs. These rates are below the highlighting the distortions that these actual market rates and determine the tax havens may engender, this report maximum level of subsidies. With the argues that ECAs like Atradius DSB state taking on certain risks in order to should no
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