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Tax Justice. Debt and Development Coalition Ireland ICTU Global Solidarity Summer School. Debt and Development Coalition Ireland. National network Solidarity based with activists and social movements in the Global South

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Tax justice

Tax Justice

Debt and Development Coalition Ireland

ICTU Global Solidarity Summer School

Debt and development coalition ireland
Debt and Development Coalition Ireland

  • National network

  • Solidarity based with activists and social movements in the Global South

  • Focus on financial exploitation of the Global South: South-North resource flows

  • Debt, role of international financial institutions (World Bank; IMF) and tax justice

A myraid of crises for global south
A Myraid of Crises for Global South

  • Pre- existing poverty levels – not on target to meet MDGs

  • External Debt $3 trillion ($100m payments per day)

  • Financial crisis: reduction in remittances (Kenya: 5% GDP, fall in ‘08 by 33%); growing unemployment (up by at least 40m in ‘09 GS); $2 trillion financial shortfall in Global South; 30% drop in exports.

A myraid of crises for global south1
A Myraid of Crises for Global South

  • Food Crisis: FAO: 100m more people in chronic hunger in 2009.

  • Climate crisis: Approx 26 million people displaced already; 375 million people may be affected by climate disasters by 2015; 200 million people may be displaced each year by 2050; major cities dependent on water from mountain ranges face collapse

  • A new debt crisis: Countries such as Zambia already facing unsustainable debts

Tax consensus
‘Tax Consensus’

  • ‘Tax Consensus’ – tax competition as approach to national ec devmt and corporate business models

  • Low tax regimes by govmt & ‘tax minimisation’

  • Strongly supported by World Bank and IMF in Global South

  • Increasing role of tax havens: $7 trillion stashed in tax havens

Why tax justice the scale of tax dodging
Why Tax Justice? The scale of tax dodging

  • At least $160 billion every year lost to Southern countries due to tax evasion.

  • Significantly greater than all the aid received by South from North.

  • $160 Bn Could save 350,000 children’s lives

Tax dodging how does it work
Tax Dodging: How does it work?

  • Transfer pricing – companies exaggerate costs and minimise profits

  • 60% of international trade takes place within TNCs

  • Profits are transferred to holding companies based in tax havens

Tax havens
Tax havens

  • Allow non-residents to open bank accounts

  • No disclosure of information to other countries

  • Cayman Islands – 5th largest banking centre - $2 trillion

  • Also Switzerland, Isle of Man, Jersey – and Ireland

Tax and development
Tax and Development

  • Strong tax base essential if countries are to build stronger democratic states:

  • Rltns bwtn gvmt & citizens, and real exit strategies from aid dependency.

  • Direct taxation and corporate taxation NB.

Moving up the agenda financial crisis tax havens
Moving up the Agenda: Financial Crisis & Tax Havens

  • Banks and hedge funds engaging in risky practices used tax havens.

  • Losses and liabilities hidden off balance sheet

  • G20 / Obama raising questions about tax havens; OECD ‘concern’; race to sign info exchange agreements

Demands for change
Demands for change

  • End to banking secrecy – automatic exchange of information

  • Control over accountancy firms – end to self-regulation

  • Country-by-country reporting for TNCs

Campaign for tax justice
Campaign for Tax Justice

  • Debt and Development Coalition Ireland & wider tax justice network

  • We need trade union support in Ireland!

  • [email protected]; 01 6174835;