La ruche depuis mai 2016
Multi-national companies have found it easy to pay little to no taxes in any of the countries where they operate. They are able to do this legally by shifting profits across national borders to exploit differences between national legal systems. Both companies and individuals use these tactics to hide capital flows from regulators, to the extent that tax authorities have found it impossible to set an equitable tax code, given the complete lack of transparency between nations.
$20-30 trillion dollars are estimated to be anchored offshore. This is an amount equal to twice the size of the US economy. It has also been estimated that Americans pay 15% more in taxes as a direct result of the tax avoidance strategies of the 20 wealthiest American families.
Multi-lateral disclosure requirements came into effect last year, and we were one of the first firms to move into this space. Disclosure of international capital flows is the critical first step to building the political will to reform the international legal system.