Most Jersey-based companies pay little or no tax. The small Channel Island's special status has made it rich by enabling global corporations to avoid tax elsewhere. Now this tax haven faces the prospect of tighter regulation.
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Discussions about unifying taxation of multinational corporations have been going on for years. But, now more than ever in an interconnected digital economy, some of the billion-dollar profits belong to the people.
Last week Ireland welcomed a court ruling that denied it more than €14 billion of Apple money in back taxes. It has brought its tax regime into sharp focus, but the problem is global as much as anything else.
France, Denmark and Poland are refusing to let companies registered in offshore tax havens access financial aid from coronavirus bailout packages. But Ireland, the UK, Luxembourg and the Netherlands have other ideas.
Every year African countries lose at least $50 million in taxes — more than the amount of foreign development aid. So where is it all going and how can multinational companies be held to account?
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