Tax havens News

Madrid - Spain's revenue from taxes on businesses has shrunk by two thirds as compared to pre-crisis levels. Spain's large global companies are seeking profits abroad and shelter in tax havens.

Former Greek Prime Minister George Papandreou has said the country could have avoided economic bailouts if it had "not been robbed by funds being funnelled to tax havens." Ironically, his government presided as funds were sent to Swiss bank accounts.

Average citizens of the United States have been dutifully paying their taxes, while wealthier Americans, have followed the lead of multinational mega-corporations, seeking tax havens to shelter their profits.

A report published on Sunday claims that the global super-rich elite may be holding as much as $32 trillion in offshore tax havens, and may be depriving governments worldwide of as much as $250 billion in tax revenues every year.

Sydney - France and Greece have shown clearly how the public reacts to “austerity”. The maniacal targeting of the poor and total disregard for public welfare in Greece has demolished the two main parties there. France has answered austerity with venom.

Funds sent by the rich in America to tax havens abroad, intending to dodge the Internal Revenue Service (IRS) have attracted the eye of President Obama. He has announced reforms to the nation’s international tax code, say reports.