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World Bank Urged To Be Honest In 'Tax Haven' Study,
by Mike Godfrey, Tax-News.com, Washington
Monday, November 19, 2007
The Center for Freedom and Prosperity Foundation, the free market think tank,
has sent a letter to World Bank's President Robert B. Zoellick expressing concern
about an upcoming study on the 'development impact of off-shore financial centers'.
The CF&P Foundation wants to ensure that the study's results are not influenced
by an ideological bias against tax competition and fiscal sovereignty, and it
argued that the World Bank should consider compelling evidence pointing to the positive
effects that low-tax jurisdictions have had on global prosperity.
In his letter to Zoellick, Andrew F. Quinlan, President of the CF&P Foundation, suggested that: "Tax rates have been dramatically
reduced in recent decades as tax competition has encouraged nations to adopt
pro-growth policy in an effort to attract and retain capital. These lower rates
have helped boost global economic growth – a result that is helping to
lift tens of millions of people out of poverty."
Quinlan went on to argue that offshore financial centers "are a key part
of this process" as their tax-neutral platforms encourage global investment
and finance activity and because their fiscal regimes increase tax
competition, thus pressuring uncompetitive nations to lower tax rates and reform
tax systems.
"The World Bank should not undermine tax competition," Quinlan's
letter continued. "Instead, the World Bank should embrace tax competition
for its ability to stimulate pro-growth policies that encourage investment and
innovation."
According to the CF&P, the World Bank has launched the study on offshore
financial centres under pressure from the government of Norway and the Tax Justice
Network (TJN), which the Center describes as "openly hostile to tax competition"
and "unambiguously" in favor of higher tax rates and bigger government.
"The World Bank has been widely criticized for failing in its core mission
of promoting economic development, so it is unclear why resources should be
misallocated to appease Norway's leftist government," the CF&P has
stated.
"There's a clear risk that the study will be used as a launching pad for
the tax harmonization schemes long sought by the Organization for Economic Co-operation
and Development (OECD), United Nations (UN), European Commission (EC) and other
international bureaucracies hostile to fiscal sovereignty and economic freedom,"
it warned.
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