Purpose: Protest in favour of regulating tax havens – taxes are a social contract with society and by allowing companies to ‘creatively’ avoid them we are pushing developing countries further into poverty.
Monaco, is, of course, one of the biggest tax havens in the world. So, what does this mean?
Tax havens provide a ‘smoke-screen’ enabling multinationals to systemically avoid paying tax and as a result draining profits out of developing countries. They allow companies to transfer money from developing countries, where it was actually made, to places like Monaco and the Cayman Islands where a much lower tax rate exists. This deprives developing countries of desperately needed tax revenue which could otherwise be used for health or eduction.
Several hundred activists, from around the world, took part (including from ATTAC, Oxfam GB, Oxfam France & Stamp out Poverty.) The overall message of this protest, as with the Alternative Summit in general, is that governments should put their people first and not financial markets.