Tax Justice Network calls for end of tax avoidance

An organisation opposed to the low tax status of offshore centres has estimated that $11.5 trillion of assets is held in these jurisdictions by wealthy individuals. Tax Justice Network added that the annual income these assets might earn amounts to $860bn and the tax avoided could be more than $255bn each year. In compiling these figures, Tax Justice Network said it had used a number of public sources, including information from McKinsey & Company and Boston Consulting Group. It pointed to the fact that the Bank for International Settlements had said in June 2004 there was $2.7 trillion i...