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Market government organization - Essay Example

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It explicitly informs that super rich do not pay taxes and use innovative mechanisms to evade local taxes and hide their wealth. In his book, James Henry, former chief economist at McKinsey…
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The article, ‘Tax haven: Super rich ‘hiding’ at least $21tn’ is hugely revealing. It explicitly informs that super rich do not pay taxes and use innovative mechanisms to evade local taxes and hide their wealth. In his book, James Henry, former chief economist at McKinsey says that it is a conservative figure that excludes assets like property and yachts. This is a colossal amount that can improve economy of many nations. He has used the data from Bank of International S, World Bank and national governments and says the super-rich from 139 developing countries had amassed nearly $2.5 tn from 1970 to 2010 into offshore accounts which is beyond the reach of local authority. The three banks that have most offshore accounts are UBS, Credit Suisse and Goldman Sachs. While US, UK and Germany are doing a great deal to bring to line the rogue tax evaders, more effective policy change and stringent punishments must be enacted to promote transparency and prevent tax evasion.
Transparency laws should become compulsory, especially for banks and make accessibility f data easy for everyone, including foreign agencies and individuals. Hence, banks and banking laws should come under the purview of international laws along with local laws. Indeed, the governments cannot take actions if they are bound by international laws and local laws of countries where the money is stashed. Access to information becomes a critical issue that can significantly discourage tax evasion. Stringent punishment would further deter the tax evaders as well as banks and help developing and under developed economies to make fast socio-economic growth.
(words: 262)
Reference
‘Tax haven: Super rich ‘hiding’ at least $21tn’. 22 July 2012. Retrieved from: http://www.bbc.co.uk/news/business-18944097 Read More
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