Eurodad partner Both Ends has launched its new report, entitled “Cover for what?” (16 pages). The report demonstrates how the state-backed export credit agency of the Netherlands – Atradius Dutch State Business (Atradius DSB) – supports financial transactions which regularly involve parties registered in tax havens.
According to Both Ends’ latest findings, these types of transactions allow multi-national enterprises (MNEs) to adopt aggressive tax avoidance positions that undermine the ability of countries to collect tax effectively, corroding their tax sovereignty.
The report unravels the complex structures employed by these MNEs operating in tax havens in order to drastically reduce their tax liability and to conceal the involvement of shadowy third parties. The report shows that there is a lack of effective measures in place to exclude parties involved in tax evasion and money laundering from obtaining support from Export Credit Agencies (ECAs).
Therefore, the report makes the following recommendations:
For export credit agencies:
For the OECD:
For the European Commission: