There is no excuse for this. I have written on this subject with my colleagues Ronen Palan and Christian Chavagneux, and we are not alone. For those uncomfortable with the term “tax haven”, as far back as 2009 I proposed an alternative definition of such states: “secrecy jurisdictions”. The latter term has become widely used in official discussions on this issue,….The first concern to note is that his book is not the first serious economic assessment of wealth hidden in tax havens. Oxfam published one in 2000, I was co-author of another in 2005,…..I have campaigned against tax haven abuse for more than a decade…..I do believe that the necessary data exist……One example he gives is the success of the global movement towards automatic information exchange on account balances held in tax havens to the tax authorities of their rightful beneficial owners. I well recall being told by UK Treasury officials in June 2009 that this process, which I was calling for, would not happen in my lifetime. Such exchange commences next year, and I have every intention of witnessing it……..Similarly, I well recall the outright opposition to the form of multinational corporation accounting known as country-by-country reporting that I created in 2003, and, again, being told that this would never happen…….Second, country-by-country reporting can form the foundation for the unitary method of taxation of multinational corporations that Zucman proposes. This is unsurprising, as I had designed country-by-country reporting with that intention in mind……..This point on country-by-country reporting is important. All taxation is dependent on being able to find where the asset to be taxed is located. Country-by-country reporting permits any tax authority to determine what proportion of the sales, employees and assets of a multinational corporation are located in its jurisdiction. Having done so, it can then, by apportioning global profits using a weighted formula based on these essential indicators of real economic presence in their country, estimate how much profit of that company is likely to have really arisen in, and so be taxable in, their jurisdiction…….that I welcome this book…….even if I wish he had got more of his definitions and history right and had been a little more courageous when it came to making his estimates. …….
Richard Murphy is professor of practice in international political economy, City University London, a UK chartered accountant and director of Tax Research LLP. He is author of The Joy of Tax (2015) and co-author, with Ronen Palan and Christian Chavagneux, of Tax Havens: The True Story of Globalisation (2010). In 2013, International Tax Review named him the seventh most influential person in international tax.
Sorry, whose book was being reviewed?