Corruption and Tax Havens
Corruption is a form of dishonest or unethical conduct by a person entrusted with a position of authority, often to acquire personal benefit. Government or political corruption occurs when an office-holder or other governmental employee acts in an official capacity for personal gain. Corruption creates the opportunity for increased inequality, reduces productivity, growth, investment and job opportunities.
Degree of corruption = Monopoly + Discretion – Transparency – Morality (Stephan, Constantin (2012), ‘Industrial Health, Safety and Environmental Management’).
Tax havens play an important role in fostering corruption as they reduce or eliminate transparency. Corrupt executives and politicians need the darkness and secrecy tax havens provide to ensure the corruption stays hidden from the masses (the government, people, tax, and legal system).
Similar posts you may like
- Tax Savings Strategy 214 – First Home Saver Scheme
From 1st July 2017, taxpayers can contribute up to $15,000 per year in voluntary contributions (up to $30,000 in total), that can be withdrawn Read more
- Cryptocurrencies – The tax consequences of using Bitcoin
Wikipedia defines a cryptocurrency (also known as crypto-currency, or crypto) as a digital currency designed to work as a medium of exchange through a Read more
- Tax Planning Strategy 156 | Using a SMSF to Undertake Property Development
Undertaking a property development in a SMSF can result in zero tax payable if the fund is in the pension phase (or 15% if Read more
- Tax Planning Strategy 153 | Junior Mineral Exploration Tax Credit
The Junior Mineral Exploration Tax Credit (JMETC) encourages non-mining investors to invest in exploration companies and help fund their exploration activity. The JMETC allows Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2