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Governments worldwide are on track to lose $4.7 trillion to tax havens overall in the next decade if they keep following current rules, according to a new report<\/a>.<\/p>\n\n\n\n The London-based nonprofit Tax Justice Network’s 67-page report argues that global tax rules developed since 2013 by the Organization for Economic Cooperation and Development have failed to significantly stem countries’ losses to tax abuse.<\/p>\n\n\n\n The report contends the United Nations is a better choice to lead global tax reform and should take over that role from the Paris-based OECD, which is essentially a club of rich nations.<\/p>\n\n\n\n The UN Secretary General is expected to report this fall on a possible UN tax convention that in particular would create a global tax body that would supplant the OECD as arbiter of global tax policy.<\/p>\n\n\n\n The Tax Justice Network report points to what it calls OECD’s most promising recent policy solutions for fighting tax evasion, including country-by-country reporting, automatic exchange of financial account information, unitary taxation, and a minimum effective tax rate.<\/p>\n\n\n\n “These policies have been rendered largely toothless under the pervasive influence of some OECD members, who are also among the world\u2019s biggest tax havens,” TJN said.<\/p>\n\n\n\n <\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" Governments worldwide are on track to lose $4.7 trillion to tax havens overall in the next decade if they keep following current rules, according to a new report. The London-based nonprofit Tax Justice Network’s 67-page report argues that global tax … Continue reading