UK world's 'greatest enabler of corporate tax avoidance'.
THE UK with its "corporate tax haven network" is "by far the world's greatest enabler" of corporate tax avoidance, research has claimed.
British territories and dependencies made up the four of the top 10 countries that have done the most to "proliferate corporate tax avoidance" on the Corporate Tax Haven Index.
The UK itself ranked 13th on the list, which was published by the Tax Justice Network yesterday.
The index scores each country's system based on the degree to which it enables corporate tax avoidance combined with the scale of its corporate activity to determine the share of global corporate activity put at risk of tax avoidance by the country.
Topping the list was the British Virgin Islands, followed by Bermuda and the Cayman Islands - all British overseas territories.
Jersey, a Crown dependency, was seventh on the list behind the Netherlands, Switzerland and Luxembourg, with Singapore, the Bahamas and Hong Kong completing the top 10.
The network said that through its network of satellite jurisdictions, the UK bears the lion's share of responsibility for the "breakdown of the global corporate tax system".
It added: "The UK with its corporate tax haven network is by far the world's greatest enabler of corporate tax avoidance and has single-handedly done the most to break down the global corporate tax system, accounting for over a third of the world's corporate tax avoidance risks.
"That's four times more than the next greatest contributor of corporate tax avoidance risks, the Netherlands, which accounts for less than 7%."
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|Publication:||Western Mail (Cardiff, Wales)|
|Date:||May 29, 2019|
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