April 21, 2016
Contact: Young Fabians

Leading the Debate on Tax Reform

Young Fabians have been leading on Tax reform, tonight the Young Fabians Finance Network will be hosting an event on Tax Havens with Professor Ronen Palan in Fabian HQ.

The Panama Papers set the world alight, revealing the secret world of offshore tax havens used by the political and economic elite.

The Young Fabians have been leading the debate on tax reform, getting to the crux of the issue. 

On 19th of April, the Young Fabians held a roundtable at Portcullis house examining the issue of tax evasion, global corruption and the future of Britain's Overseas Territories.

The Young Fabians International Network event was led by Christos Gatsios, Chair of theYoung Fabians International Network. The speakers included:  Catherine West MP, Shadow Minister for Foreign and Commonwealth Affairs and MP for Hornsey and Wood Green, Toby Quantrill, Principal Adviser for Economic Justice at Christain Aid, Naomi Hirst, Adviser to the All-Party Parliamentary Group on Anti-Corruption. Catherine Wensink, Manager of the UK Overseas Territories Conservation Forum Martin Stanley, Secretary of the UK Chagos Islands Support Association.

The Young Fabians Finance Network will also be hosting an event on Tax Havens with Professor Ronen Palan at Fabian Society HQ tonight at 19:00.

Here is an update on the Panama papers leaks thus far:

- The US Department of Justice has launched a criminal investigation into the widespread international tax avoidance schemes exposed by the Panama Papers leak

- President Barack Obama says "There is no doubt that the problem of global tax avoidance generally is a huge problem. The problem is that a lot of this stuff is legal, not illegal".

-Jim Yong Kim, the president of the World Bank, said last week that “When taxes are evaded, when state assets are taken and put into these havens, all of these things can have a tremendous negative effect on our mission to end poverty and boost prosperity,”

- Christine Lagarde, Managing Director of the IMF, said the leak showed that “the [international tax] rules appear to be skewed towards” the global rich. “Clearly what has resulted from the review of these Panama Papers indicates that however important [international tax rules to prevent] base erosion and profit shifting … it is unfinished business,”