Anti-tax haven petition launched in France
Let's highlight some of the numbers quoted in the petition:
Tax evasion costs the French state three times the current social security deficit. That's enormous, and partly explains why President Sarkozy and his team are at the political forefront in calling for action.
Tax havens also devastate the public finances of developing countries, which see $800 billion of illicit funds flowing northwards each year, largely through sophisticated offshore structures.
And note this: "Tax havens would not survive without the presence of the banks and the multinational businesses of G-20 countries: 100 per cent of the French banks and other businesses listed on the CAC40 have affiliates in tax havens." Reflect on that statistic and bear in mind that the same applies to most if not all the bourses in Europe and America.
Hence the call for citizen engagement. Bravo to our friends in France