Responsible tax conduct is one of the biggest issues of our time
The growth of tax havens and unethical corporate tax conduct have become prominent concerns across the world. Aggressive tax avoidance negatively distorts national economies and undermines the ability of business to compete fairly, both domestically and internationally.
Recent research has found that close to 40% of multinational profits (some US$970bn) are artificially shifted to tax havens each year, leading to a US$250bn reduction in corporate tax revenue.
It is no longer enough for a business to claim that their tax conduct is acceptable as long as they are not breaking the letter of the law.