At the OECD today

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I'm at the OECD today. No doubt BEPS will be on my agenda. But so is tax evasion.

A lot of effort has been and will be put into tackling tax evasion, and rightly so. But in my estimate tax avoidance cost the UK £19.1 billion in 2013/14 whilst tax evasion cost £73.4 billion, and of the latter no more than £4.3 billion was specifically offshore.

The issues the OECD has tackled to date are vital. But if we are to really have effective domestic tax systems around the world then we need to tackle tax evasion and much of the world is reluctant to do just that for fear of alienating domestic voters.

There is a robust argument to be made that if the OECD believes that supporting markets is a part of its mandate then it has to also now take on how to address domestic tax evasion and the creation of the information systems - including accounting that meets taxation needs - that are required to beat it.

 


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