A representative of China's tax authority spoke at TJN's transfer pricing conference in Helsinki today.
We've often said, quoting the OECD, that at least 60% of world trade goes through tax havens.
China reckons 73% of its trade is with tax havens.
And you wonder why we think tax havens might distort world trade? With a tiny proportion of the world's population this volume of trade can only be motivated by the economic abuse they facilitate.
China clearly agrees with us. I guess that's why they're here. They, like all other countries, need to tackle the abuse that tax havens facilitate.
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Aha, my partner picked up something re China from a comrade’s newsletter recently and I meant to check out the source to let you know. But I guess you already know, and have the source for, the fact that a huge proportion of inward investment into China comes from … The British Virgin Isles.
Oh, they know that….
Given what I’ve just posted, it is clear that we haven’t a clue about the amount of financial capital lurking in these tax havens – just that it must be huge. A fair proportion, of course, of these havens are under UK jurisdiction. We could clean out the stables and help the whole world economy by releasing this capital to pay down debts.
Richard, will we be able to get the conference papers from Helsinki? Will these be put up on the TJN site?
I’ll try to do that today….