April 4, 2016 noon eastern time

Tax Avoidance and Tax Evasion

The use of tax havens is in the news after a leak of documents.

I don’t have much sympathy for anyone practicing tax evasion or even very aggressive forms of tax avoidance.

When companies report that they have subsidiaries in tax havens that is a red flag to me.

And I have wondered why the big financial institutions would have operations in tax havens. In our Royal Bank report I mentioned that I was concerned abut why they have operations in the Channel islands. Today RBC has had to defend its practices.