The G8 Summit is an unprecedented opportunity to go after tax cheats who use tax havens. But Canada threatens to be a spoiler. Again.
British Prime Minister Cameron wants G8 leaders to endorse a strong action plan to tackle tax havens when they meet in Northern Ireland next week.
But Stephen Harper could block agreement, unless we mobilize strong public pressure to get him to change his mind.
Reliable sources tell me that Canada is still withholding support for two key parts of the G8 tax havens action plan:
- that financial institutions in tax havens be required to have a public registry of the ultimate beneficial owner of all accounts, trusts or corporations, and
- that there be multilateral automatic tax information sharing between governments.
These two measures are key to lifting the veil of secrecy that allows wealthy individuals and corporate tax evaders and criminal organizations to hide their wealth off shore.
The G8 Summit takes place June 17 and 18. Agreement on several key issues are going down to the wire. It is urgent that yousend a message now to Prime Minister Harper to support the strong action plan on tax havens proposed by his friend, British Prime Minister Cameron.
Federal and provincial governments in Canada are losing billions of dollars of tax revenue because of the secrecy rules that reign in tax havens. Poor countries are losing ten times as much as they receive in aid because of illicit financial flows facilitated by tax havens.
With your support, Canadians for Tax Fairness has been able to make tax havens a critical political issue. Pleasehelp us to press Canada to stop blocking global action to make progress on tackling tax havens.