Is India a Poor Country?
Black Money, World Aid
and The Coming Sovereign Crack Down of Tax Havens
London, UK - 20th October 2008, 10:10 GMT
Dear ATCA Colleagues
[Please note that the views presented by individual contributors
are not necessarily representative of the views of ATCA, which is neutral.
ATCA conducts collective Socratic dialogue on global opportunities and threats.]
As sovereign governments of major countries in the world come under severe
pressure to inject fresh funds in concert into their financial institutions
and national economies, their tax revenue and customs departments are gearing
up to crack down on private banking tax havens at lightning speed.
In March 2005, the Tax Justice Network (TJN) published a research finding
"The Price of Offshore", demonstrating that USD 11.5 trillion
of personal wealth was held offshore by the rich and ultra rich -- High
Net Worth Individuals (HNWIs) -- across the globe. This was based on data
from many consulting firms and financial institutions including the Bank
for International Settlements in Basel, Switzerland. The findings estimated
that a large proportion of this wealth was managed from 70+ tax havens with
Switzerland at the top of the black money pyramid. The USD 11.5 trillion
of assets held offshore would generate a return of about USD 860 billion
a year at a 7.5% rate of return, and a consequent tax loss of USD 250+ billion
for sovereign nations, more than three times the OECD countries' official
development assistance to the entire world.
[CONTINUES]
[ATCA Membership]
We welcome your thoughts, observations and views. Thank you.
Best wishes
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