Let's Use Wales to Explain Tax Devolution?

Yet again, the recent Welsh assembly election campaign was primarily about how best to spend public money. However, recent developments mean devolved elections in Wales will soon focus on how best to raise public money, too.

A Corporate Approach to Tax Collection

The release of the Panama papers is yet to reach its endgame, but there are some clear truths we can take from it. People or businesses that don’t pay their taxes – whether deliberately or through ignorance – undermine state revenues. They also distort competition by putting the non-compliant at an advantage, and they increase inequality, as it is the better off who more often tend to escape their obligations.

Filling the Tax Gap

The so-called Panama Papers span thousands of pages, revealing that many of the world’s elite have been hiding their money in offshore accounts in an attempt to shield their income from taxes.  Their release – the biggest data leak in history – depicts a world of rampant tax noncompliance. However, it also reveals just how vulnerable all electronic data in the 21st century are to discovery.

Tax Authorities Get it in Gear

The Australian Taxation Office is reported to be playing a “lead role” in sharing intelligence between tax officials from OECD countries, as part of the continuing fallout from the revelations of the Panama Papers. The Joint International Tax Shelter Information Collaboration, which is chaired by ATO head Chris Jordan, was being convened in Paris overnight, Australian time.

Defining Your 'Fair Share' of Taxes

The tax dealings of a number of politicians have come under scrutiny, following news of their offshore holdings in the Panama Papers. The leaks have led to the resignation of the Icelandic prime minister – and the UK Prime Minister, David Cameron, has been criticised for shares he used to have in an offshore fund set up by his late father.