What are its arguments and evidence? Is it any good? https://iea.org.uk/wp-content/uploads/2018/06/Offshore-Banking-4-web.pdf …pic.twitter.com/x8r6PMqok3
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So the @iealondon report on tax havens... I think basic funding transparency shld be the opening ante for think tanks to get hon @BBCNews etc...(and into schools!). But for twitter debates between adults "who funds you" is a low rung. What about the content of the paper itself?pic.twitter.com/ocNmWv6StG
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It a bit sleight.... it argues that offshore centres enable investment by providing cheap, reliable intermediation of funds (OK). It argues that corp tax revenues haven't fallen as a % of overall revenue, so no race to the bottom (hmm... bit simplistic whats happened to profits?)pic.twitter.com/S1CUAEpyZd
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It argues that offshore centres don't meet the tax haven definition of "No or nominal tax" because they charge consumption tax and have high revenues as % of GDP (oh come on! this criteria relates to "relevant income" - pointing to consumption taxes for residents is silly).pic.twitter.com/IoYWTgMoYY
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It references the Findlay and Sharman "Global Shell Games" findings that offshore centres are more compliant on recording ownership of shell companies than the US & UK, but otherwise don't delve into whether IFCs are doing enough to curb evasion, corruption & money laundering
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It raises the good Q of whether shutting down offshore finance wld not just throw out the the baby (OFCs role in facilitating capital flows) with the bathwater (tax evasion & other illegal activities) but keep the global bathwater....<spoiler alert> they think yes.
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Like anti-tax haven advocacy reports it largely seems to be singing to its own choir, rather than trying to marshal evidence to explore an empirical question. & it ends with a rousing chorus of "the other side are idealogical, evil plotters" (which both sides can sing together..)pic.twitter.com/69UFh5S5ef
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I'd like to think we can do, and deserve, better than this in the public debate on this topic
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End of conversation
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