EU: Zero tolerance needed against tax secrecy, says former Panamanian advisor Joseph Stiglitz
16 Nov 2016

There needs to be a “comprehensive global approach” against secret tax structures, says the Nobel Prize-winning economist, Joseph Stiglitz, who called for “zero tolerance”. Speaking to Parliament’s Panama Committee on Wednesday, the former advisor to the Panamanian government suggested that secrecy in tax affairs should be treated like a disease which needs to be isolated.

Tax secrecy is the “darker side of globalisation, ” said Stiglitz, adding that the hiding of money undermined the functioning of global society. “So there has to be, basically, a comprehensive global approach with essentially zero tolerance for secrecy.”

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