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What is the Tax Justice Network?

TJN
What is the Tax Justice Network?
  • Tax Justice Network International Secretariat Limited is an NGO based in UK.
  • It is is an advocacy group consisting of a coalition of researchers and activists with a shared concern about tax avoidance, tax competition and tax havens.
  • In July 2012, it had published claims that few wealthy individuals had deposits worth at least $21 trillion (£13 trillion) in secretive tax havens.

What is Financial Secrecy Index?

FSI
What is Financial Secrecy Index?
  • Financial Secrecy Index highlights places around the world that provide safe havens for tax evaders.
  • It was a tool for understanding global financial secrecy, tax havens or secrecy jurisdictions, and illicit financial flows.
  • It observed that world's biggest and richest countries were the main recipients of illegal money.
  • European countries like Greece, Italy and Portugal were destroyed by decades of tax evasion, it noticed.

What is Tax Haven?

Fact
Definition

A tax haven is a country that offers foreign individuals and businesses little or no tax liability in a politically and economically stable environment. They also provide little or no financial information to foreign tax authorities.

Super rich hold $32 trillion in offshore havens:TJN

22 Jul 2012
Super rich hold $32 trillion in offshore havens:TJN
  • A Tax Justice Network report estimated that the amount of black money deposited by 'global super-rich elite' in offshore accounts was 13 trillion pounds.
  • The report suggested that the capital that flowed out of developing economies in 1970s could have paid off their debt.
  • James Henry, former chief economist at consultancy McKinsey said in the report that money had leaked into countries like Switzerland.

Switzerland top tax haven, US at number 3

3 Nov 2015
Switzerland top tax haven, US at number 3
  • In the financial secrecy index (FSI) 2015 unveiled by the Tax Justice Network (TJN), Switzerland retained its top spot.
  • U.S. was on the 6th position in 2013 and jumped to number 3 in the lastest report.
  • According to TJN, Switzerland's banking secrecy was far from dead.
  • Though there were several improvements but the average secrecy score had fallen to 60 from 66 (in FSI-2013).

FSI report on India

3 Nov 2015
FSI report on India
  • India was ranked at number 45 and called as moderatively secretive.
  • India accounted for slightly under 1.5% of the global market for offshore financial services, making it a large player compared with other secrecy juridictions.
  • The report said that India uses appropriate tools for efficiently analysing tax related information .
  • India has ratified the five-most relevant international treaties relating to financial transparency.