. @judith_odi @ODIdev @FT argues the focus on secrecy in UK's Overseas Territories is misplaced, ignores their role in providing tax neutrality and protection from corrupt and unpredictable rule of lawhttps://twitter.com/ftcomment/status/994352710773338113 …
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Replying to @MForstater @judith_odi and
Are transparency and tax neutrality mutually exclusive though? Surely concealing asset ownership doesn't help capital markets?
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Replying to @Bakhunin @judith_odi and
You are right. It is more like a matrix I think .... but how much is in each box?pic.twitter.com/AjQqPlyPOC
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On 80% afraid I haven't seen the underlying estimate method. Wouldn't want to pluck a figure out of thin air. But data from recent amnesties in 2 middle-income countries does suggest the proportion is quite large? [1 of 2]pic.twitter.com/V5e6u3vh0V
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Replying to @Bakhunin @MForstater and
I'm not convinced CRS means nothing in 1st col. Maybe for U.S. or European taxpayers, but e.g. around 1/2 of direct investment held via BVI co's is still in countries with no tax EOI with BVI at all: either bilat, MCAATM-on-request or CRS pairing. Maybe as CRS expands? [2 of 2]
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Replying to @Bakhunin @judith_odi and
Isn't the relevant set of agreements here between BVI & beneficial owners country(s) of tax residence? (i.e. not so much between BVI & host countries of FDI?) -- cf: Indonesia, Argentina above?
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Thinking about the matrix a bit more -- which boxes are likely to be empty, which are logical combinationspic.twitter.com/9L1byL0ZJR
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