Adopt Real Solutions to End Tax Evasion
This petition had 218 supporters
Tax evasion by wealthy individuals and multinationals is a global injustice that can be solved. It is a practice that frees the richest people and most powerful organisations from rules and obligations that apply to the rest of us. It finances criminal activity and costs us hundreds of billions every year in money that could be used for public services such as education and healthcare.
This is campaign, organised by the International Union of Socialist Youth (IUSY), Young European Socialists (YES) and our allies, to show that there is an international demand for our governments to take strong action to end tax evasion, and that there are real policy solutions available to do so.
We call on our governments and international institutions to end tax evasion by changing the structures and rules that make it possible!
We call on them to implement the following policies:
Action against individual tax evasion:
1. The creation of a global financial register, in which all wealth and the natural person owning it are listed. All beneficial owners, meaning the natural persons owning the assets, need to be identified. The register needs to be checked with all other sources on wealth.
2. Once the register is created, an annual capital tax, higher than the highest capital tax in the world, for now 2%, on all wealth, to be kept until the owner declared his fortune. That way, the whole shadow economy, with all its brilliantly complex constructions of laws and loopholes, shell companies and trusts becomes useless.
3. Make tax havens participate: A 100% withholding tax on all payments (e.g. interests, dividends) should be imposed on the smaller tax havens, while the bigger ones should be threatened with punitive duties on their exports and imports equivalent to the estimated negative externalities due to tax evasion, if they do not cooperate. These threats should be accompanied by generous loans to invest in real economy, helping them to fill the gap tax evasion left in their country, if they decide to participate.
Action against multinational tax avoidance:
1. Extensive and transparent country-by-country reporting by multinationals. Every corporation must provide complete information on the costs, revenue and profits for each country they are operating in.
2. Tax the global profits of multinationals according to a formula including labour and revenue, while limiting immaterial goods to a 5% share. Their global profits are then divided between all countries where production and revenue is made.
3. An international minimum corporate tax of 25%. Everybody can go higher, but no one can go lower.
4. Corporate taxation has to become transparent again, countries must close their loopholes.
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