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Missionary Oblates of Mary Immaculate  United States Province

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News Archives » tax havens

Victory in US Senate for Tax Justice! March 9th, 2012

This week, the Senate took a stand against one of the largest revenue drains facing developing nations today – tax avoidance. Members of the Financial Accountability and Corporate Transparency (FACT) Coalition, have been speaking out against the abuse of off-shore tax havens. And the Senate listened.

Amendment 1818, the Levin Amendment, passed the Senate last night and is a blow against corruption, secrecy, and tax avoidance that aims to end the use and abuse of off-shore tax havens. These tax havens help large corporations and corrupt individuals avoid paying a fair share of taxes to the nations in which they operate. An estimated $160 billion dollars is lost in tax revenue in developing countries due to the use of off-shore tax havens. The Levin amendment gives law enforcement officials tools to stop financial institutions in tax havens from aiding US tax cheats, and help put an end to developing country tax avoidance.

Jubilee USA and the Oblates are founding members of the Financial Accountability and Corporate Transparency (FACT) Coalition. Learn more about tax justice… 


CNBC Follows the Trail of International Corruption and Money Laundering to a Shocking Tax Haven… the United States February 13th, 2012

The Oblates have been working with other members of the Interfaith Center on Corporate Responsibility (ICCR) to counter tax havens through dialogs with international financial institutions. OMI is also a member of FACT coalition (Financial Accountability and Corporate Transparency Campaign) and Tax Justice Network USA.  A new one-hour documentary by CNBC Investigations, Inc., reported by CNBC Senior Correspondent Scott Cohn, focuses on the issue.

White tigers, private jets, multi-million dollar mansions in the most luxurious spots on earth – all paid for with money that critics say was stolen by the ruling families of oil-rich nations. There are estimates that corruption worldwide costs as much as $1.5 trillion a year. In many countries, the ruling families simply take what they want, living lives of luxury while their people face poverty and oppression.

On Thursday, February 23rd at 9PM ET/PT, CNBC will present “Filthy Rich,” a one-hour original documentary reported by award-winning Senior Correspondent Scott Cohn and the CNBC Investigations Inc. team. They follow the money around the globe to Dubai, London, Paris and the United States, which is fast becoming a place for the Filthy Rich to hide their wealth.

Click here to read more »

Bill Introduced to Close Tax Loopholes, Raise Revenue and Keep Profits and Jobs in U.S. July 12th, 2011

Transfer pricing is a system whereby multinational corporations manipulate their internal prices to shift profits offshore, where they pay little or no tax.

In the midst of the current heated debate on the budget and associated deficit reduction, the introduction of a comprehensive bill to permanently close tax loopholes puts specific revenue-raising proposals on the table.

The Stop Tax Haven Abuse Act, introduced today by Senator Carl Levin (D-MI), would put new restrictions on the use of offshore tax havens to avoid and evade federal taxes. Some of the key provisions include taxing foreign corporations that do business primarily in the U.S., as domestic corporations, and requiring annual country-by-country reporting by SEC-registered corporations related to their employees, sales, purchases, financing arrangements, and taxes.

For a summary of the bill, click here.

Read Senator Levin’s press release for more information.

Click here to read more »

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