There’s nothing like a public shaming to get companies to pay offshore tax bills

There’s nothing like a public shaming to get companies to pay offshore tax bills
One of the freedoms of EU membership is the freedom to move capital across borders. Cross-border trade and investment is fundamental to the success of any modern economy

The Paradise Papers is the latest incident in a sequence extending back at least two decades, where public disquiet has prompted political attempts to extinguish opportunities for tax avoidance using cross-border transactions.

Judging by some of the reaction to the Paradise Papers revelations one would think all offshore financial planning and advice is illegal, or at best operating at the very edge of legality. This is not the case. One of the freedoms of EU membership is the freedom to move capital across borders. Cross-border trade and investment is fundamental to the success of any modern economy, and Britain’s choosing to curtail its own rights to provide cross-border financial services is one of the more bizarre consequences of the Brexit referendum decision. Yet the argument that all of this activity may be “perfectly legal” is ringing hollow.

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