EU-funded report calls for wealth of super-rich to be taxed, not income

Wealthiest 3,000 working on ‘edge of legality’ using shell companies to funnel dividends and own property to negate income tax, says study

Billionaires have been operating on the “border of legality” in using shell companies to avoid tax and the world’s 3,000 wealthiest individuals should be charged a 2% levy on their wealth, a research group created to inform EU tax policy has claimed.

In its inaugural global tax evasion report, the Paris-based EU Tax Observatory said billionaires have been pushing the limits of the law by moving certain types of income, including dividends from company shares, through dedicated holding companies that usually serve no other purpose.

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from The Guardian https://ift.tt/Oy8Iz14
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