Invitation to Concord Denmark High Level Conference
Tackling Tax Havens and Illicit Financial Flows
- How the EU and Nordic Countries can take the lead
Illicit financial flows, such as tax evasion, tax avoidance and lack of transparency in tax havens, are major
concerns for all countries – developing and developed.
Concord Denmark’s high level conference
“Tackling Tax Havens and Illicit Financial Flows – How the EU and
Nordic Countries can take the lead”
gather international capacities in the area of taxation and development
such as
the EU Commissioner for Taxation Mr. Algirdas Šemeta, International Director of Tax Justice
Network Mr. John Christensen
,
Director of the OECD Centre for Tax Policy and Administration Mr. Pascal
Saint-Amans,
and
Norway’s State Secretary for International Development, Mr. Arvinn Gadgil,
along with
the Danish Ministers;
The Minister for Taxation, Mr. Holger K. Nielsen
and
the Minister for Development
Cooperation Mr. Christian Friis Bach
to discuss how the EU, Denmark and the Nordic countries in general
can take the lead in tackling tax havens and illicit financial flows
.
Every year approximately 1000 billion dollars escape developing countries through illicit capital flight, with
a large proportion ending up in tax havens. If these funds were taxed they would give developing countries
an income 1.5 times greater than the total global development assistance. Similarly, a new report from the
Tax Justice Network estimates that at least 21.000 billion dollars from wealthy individuals and corporations
are hidden untaxed in tax havens. Needless to say, taxation of these funds would provide a significant
income for both rich and poor countries.
On December 6, the EU Commissioner for Taxation, Algirdas Šemeta, presented an action plan for
strengthening the fight against tax fraud and tax evasion. Key elements are to define and black list tax
havens and measures to strengthen exchange of tax information both within the EU and with tax havens.
These tax initiatives from the European Commission are of particular interest in a Danish context because
according to the government programme Denmark will
take the lead in closing tax loopholes, addressing
illegal capital flows and taxing natural resources in poor countries.
Moreover, the Danish Government aims
to strengthen coherence between EU policies in the full range of sectors that affect developing countries.
At the global level, the OECD has by the mandate of the G20 engaged in a peer review process in order to
strengthen tax cooperation. Furthermore, Norway has taken important initiatives, particularly to support
developing countries in curtailing capital flight and dealing with tax havens.
However, there is still a great need for mutual inspiration between Denmark, the Nordic countries and the
EU on how to curtail illicit capital flows and close tax havens, especially in the light of the needs of
developing countries. In particular, a discussion on how Denmark can take the lead in the area and push the
agenda forward in the EU is very important.
Time of the conference: 28
th
of January 2013, at 10:30-16:00.
Venue of the conference: Børssalen, Slotsholmsgade 1, entrance B, 1217 Copenhagen