Politicians have been all-too-eager to label 2014 a milestone year for action on tax avoidance, with many of the world’s leading economies having introduced measures to wheedle out any loopholes and shame offending parties. As a result, many a major name has been caught red handed, and discussions on the issue of tax avoidance and its consequences have never been greater; yet those in less-than-major economies are still suffering in silence.
There’s perhaps no better figurehead for the movement than President Obama, who, at a Los Angeles college in July, loudly proclaimed that those employing creative strategies to reduce their tax bills were “corporate deserters who renounce their citizenship to shield profits.” It was with great satisfaction then that the Obama administration ushered in a new era of “economic patriotism”, with the September announcement that so-called tax inversion deals would no longer go unpunished under US law.
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