Tuesday 24 April 2018

Swiss roll out red carpet but we go elsewhere


Thomas Molloy

Thomas Molloy

LET'S not get too vexed or hypercritical about the Swiss tradition of helping the rich to avoid tax; we do the same thing here by facilitating tax avoidance for big companies.

There's nothing noble about the Swiss banking system; it is a gigantic conspiracy to keep wealth away from governments but it is hardly any worse than our own tax laws which permit schemes such as the Double Irish that helps companies and individuals to funnel their money well away from the tax man.

This is what small countries do. Luxembourg. Liechtenstein. The Netherlands. Malta. Ireland. Andorra. Switzerland. Big countries frown, wag their fingers and then pass legislation so full of loopholes that their largest companies and wealthiest individuals can exploit tax regimes in places like Ireland.

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