Sunday, January 30, 2011

Big Four accounting firms "embedded" in tax havenry

Britain's popular Mail on Sunday, is carrying an article on how the world's largest accounting firms have led the way in shaping the globalised tax haven economy.

PriceWaterhouseCoopers tops the list with 23 offices in offshore centres, closely followed by KPMG (22), the latter being the recipient of an award (see picture) at the 2005 Public Eye on Davos event for corporate social ir-responsibility for its astonishing devotion to promoting tax cheating products to its clients.

MP Chuka Ummuna is quoted saying: "There's a whole industry out there dedicated to helping people avoid tax that will increasingly come under the microscope. 'The more people find out about large companies and rich individuals failing to meet their obligation to society in these austere times the more they will demand action."

TJN's director, John Christensen is also cited: "The Big Four are deeply embedded in the tax haven world. They're major players in shaping the laws and regulations of these places and encouraging clients - high net worth individuals and corporate clients - to maximise their tax avoidance through such places."

And why do they do this? According to the John the reason is simple: "The fees they can make from such work are astronomical compared to more boring accounting and audit work."

The full article is here.

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