Tax havens, a huge cost for public and social activities

Jacques Fontanel ()
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Jacques Fontanel: CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - UGA [2016-2019] - Université Grenoble Alpes [2016-2019]

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Abstract: Economic globalization has favored the rise of tax havens and offshore centers, which allow powerful economic actors to escape at the new tax levies necessary to reduce public debt. At the same time, criminal activities benefit from money laundering. Money laundering circuits were so opaque that very few banks knew whether or not they had dirty or terrorist money in their books. It thus favored the policies of "beggar-thy-neighbor" with impunity for countries. There is no consensual definition of tax havens, judicial, financial and judicial. The term tax haven is often used to define all "non-cooperative territories", with resources of unknown origin. Since 2014, the United States has enacted a Foreign Account Tax Compliance Act (FATCA), which requires financial institutions around the world to disclose the transactions of US nationals. Tax havens still cultivate the secret, they protect all their operations, and they distract most activities to make more complex reading from outside. Capitalism has become difficult to control, politicians no longer control the economic situation, and worst solutions are possible because greed and foolishness of men have no limit.

Keywords: “Beggar-thy-neighbor”; Public budget; Inequalities; Public debt; GDP; Banking activities; FATCA; Money laundering; Tax havens (search for similar items in EconPapers)
Date: 2019-09-11
New Economics Papers: this item is included in nep-pbe and nep-pub
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Published in Economic Research, St. Petersburg State University of Economics (UNECON), Sep 2019, Saint-Petersbourg, Russia

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