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The Real Story: Should tax havens help pay for coronavirus?

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Should tax havens help pay for coronavirus?

24/07/2020 GMT

BBC World Service - The Real Story, Should tax havens help pay for coronavirus?

Unlocking offshore funds would contribute trillions towards an economic recovery

While the coronavirus pandemic is raging around the world, discussions over rebuilding the global economy are already underway. Globally, the recovery will cost trillions of dollars. Governments and finance ministries are working around the clock to design financial packages at a time when income from tax has hit rock bottom. There's concern that many governments will have to raise taxes to cope with the shortfall in revenue. But what if they could tap a different source of funding? According to the Tax Justice Network, there are trillions of dollars' worth of cash and other assets tucked away in offshore tax havens belonging to both private individuals and large corporations. Some people are now saying that with the coronavirus crisis, governments can no longer afford to go without the vast amount of tax revenue they lose each year. So, could a small tax on that money fund the global recovery? What challenges need to be overcome to bring together governments and multiple jurisdictions to agree on a framework? Will it be possible to sift through layers of obfuscation to establish the exact amount of money that is held in tax havens – and how will diminishing their prominence change the world?  Join Ritula Shah and guests as they discuss whether tax havens should help pay for the pandemic recovery.

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