All the main techniques used for capital fiight can be grouped into one area – abuse of cross-border regulation. Tax credit is already an approved method for dealing with revenues cross-border together with withholding taxes.Reverse Tax Credit can use the tax credit principles to deal with costs cross-border and eliminate the “need” for tax havens. Reverse Tax Credit can be enacted unilaterally by any country, and will automatically leverage the playing fields between companies, large or small, mul
SummaryStatoil reported on the minimum transparency requirement, called country-by-country reporting, on a half page in its sustainability report for 2014.PWYP Norway shows that Statoil could have easily reported on
a meaningful transparency requirement, called an extended country-by-country reporting, on that half page.When companies can show their country-by-country presence on a half page, why will politicians not demand it from them?
Summary:15 out of 18 elements have already been implemented in the extended country-by-country reporting. However, 3 critical elements are still missing for the legislation to work as intended and prevent companies from avoiding tax.
Summary:• Natural resources have the largest value creation potential to mobilize tax revenue, but profit often ends up elsewhere.• Today, the Extractive Industries can transfer significant profits out of the source country before it get taxed.• One simple policy proposal, aligned with US and EU regulation, will give investors and constituents the instrument to follow their money.• The proposal links taxpayments to the audited financial statements through 8 simple accounting numbers.
In January, a new legislation will be introduced in Norway that might prevent capital flight and ensure a greater degree of transparency. Three activists from the civil society in South Sudan, Uganda and Ghana explain why this law is vital for their work. See the video interview!
Summary • In 2012, government expenditure worldwide was USD 28 656 billion. Total tax burden was USD 18 821 billion.• This huge discrepancy can be reduced by closing loopholes in tax systems and preventing capital flight• This report is about analyzing and fixing loopholes in tax systems – increasing cost-efficiency and ensuring fairer competition in extractive industries.VIDEO: See the presentation of the report "Windfall Taxes".
Foto: Steve Webel (CC BY-NC-ND 2.0)/Flickr.jpg
Disguised corporations, fake foundations, trade misinvoicing, holes in financial regulation, secrecy jurisdictions - what effect does the shadow financial system have on democracy?
Invitation goes out to: regulators, legislators, standard/guidance setters, auditors/professional bodies, preparers, industry representatives, investors, media organisations, unions, journalists, NGOs and other interested users of financial information.
Date: 6. november, kl. 18:00-19:30
Host: Fellesrådet for Afrika og Publish What You Pay Norge
Location: Habitat Trondheim, Olav Tryggvasons gate 30
It is very positive that Statoil reports country-by-country information together with its annual accounts, and the legislator should ensure that this become standard.Statoil still does not report eliminations separately, but here it is the legislator that needs to change the regulation to get a meaningful reporting.It is still not possible, due to lack of information, to use the formula 1.1. Tax + Payable Tax – 31.12.