The super rich have been hiding as much as $32 trillion in secret tax havens in order to evade taxes | AccountingWEB

The super rich have been hiding as much as $32 trillion in secret tax havens in order to evade taxes

James Henry, British economist and author of "The Price of Offshore Revisited", recently released years of research on the money held in tax havens beyond the reach of local tax authorities. Henry relied on investigating the data available in records of the Bank of International Settlements, International Monetary Fund, World Bank, and national governments.

Mr Henry says that the super-rich move money around the globe through an "industrious bevy of professional enablers in private banking, legal, accounting and investment industries."  Mr. Henry refers to this business as "pirate banking", involving a network of lawyers, accountants, bankers et al who specialize in sheltering money from taxes by moving the money to secret tax havens around the globe.

Henry concludes that "The lost tax revenues implied by our estimates is huge. It is large enough to make a significant difference to the finances of many countries."

Welcome to the twenty-first century, where crime now transcends international boundaries.

For a transcript of the BBC interview of James Henry, please see The super rich have evaded taxes on as much as $32 trillion of assets hidden in secret tax havens

Is it any surprise that accountants, lawyers, and bankers have devised a scheme to hide $32 trillion in assets from authorities in order to evade taxes?

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The Barefoot Accountant—is a Certified Public Accountant, Certified QuickBooks ProAdvisor,  operating an accounting, tax, and QuickBooks consulting firm in Berlin, Connecticut, Accountants CPA Hartford, Connecticut, LLC.  Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission.  Bill is a crazed animal lover, feeding birds, squirrels, chipmunks, skunks, possums, stray cats, and any two-legged or four-legged critter traversing through his yard.  His backyard in Berlin, Connecticut has been certified as a habitat suitable for wildlife by the National Wildlife Federation.

Bill also writes an Accounting, QuickBooks, and Tax blog:  Accounting, QuickBooks, and Taxes by the Barefoot Accountant.  For entertaining articles, please see his listing at The Amazing Brighenti.

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