The end for tax havens?

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It’s an interesting coincidence (no more, I think) that the Guardian has published an article this morning on tax havens / secrecy jurisdictions by William Brittain-Catlin.

He argues that tax havens may be on the back foot right now as a result of the crash. But he also argues that not nearly enough is being done to highlight their role in that crisis and that as a result they’ll be back in force if concerted action is not taken now.

As he says:

[N]ew offshore centres will emerge – the bets are already on Malta, Mauritius and the Seychelles – as trailblazers for the second coming of offshore capitalism, and they will give those hungry for profit and inordinate wealth a margin of risk and reward not available in the slumbering onshore world.

The outcome we know already: offshore capitalism will destroy our economies in a repeat performance of all that we have witnessed these last few years.

But this need not happen; the economic gods have not determined our fate. With the removal of tax havens and offshore finance from the world, we can safely and securely build a new onshore polis. The responsibility is ours. We can and must determine our own fate.

We have a choice.

And we have to choose to beat tax havens.