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ICRICT Meeting: 10-Years from the Last Crisis, We Still Need Effective Financial Regulation

04 September 2018
This week, the Independent Commision for the Reform of International Corproate Taxation (ICRICT), of which PSI is a founding member, is meeting in New York to discuss the path forward for global corproate tax reform.
Daniel Bertossa, PSI's head of Policy and Governance, will be chairing Wednesday's session of the meeting to discuss upcoming strategies.

“PSI was proud to be a founding member of the ICRICT as we believe that the tax debate has been dominated by vested interests in big business. We are sick of being told that workers and the public would nt understand or don’t have an interest in these debates. The ICRICT has been a great success bringing the debate to the people and proving that credible alternatives to the current broken internatipnal corporate tax system do exist,” Bertossa said.

Meeting description:
Ten years after the last financial crisis, the reform of the financial system remains incomplete and in many ways is regressing. Finance has gained influence, rising inequality is a concern, and uncertainty persists about economies’ vulnerability to another global crisis. Looking back on the past ten years and forward to the next ten, new ideas are needed to help redress the world financial system’s imbalances of power.

The global tax system has been a crucial cog in this financial system machine. Tax competition between countries has led to a harmful race to the bottom, and has allowed 10% of global gross domestic product (GDP) to be held in tax havens. The offshore secrecy system has created the very opacity that undermines corporate and financial regulation.

Ten years after the crisis, reform of the global tax system is urgently needed to improve domestic resource mobilization and transparency. The global economy needs stability so that the needs of the 99% can be met. A more just global tax system that contributes to reducing inequality, strengthening human rights, and boosting the implementation of the UN’s Sustainable Development Goals (SDGs) would be an important step in this direction.
To mark this moment and call attention to the need for action, the Independent Commission for the Reform of International Corporate Taxation (ICRICT), will address these issues in a timely forum hosted by Friedrich-Ebert-Stiftung.

  • Rana Foroohar, Global Business Columnist and Associate Editor, Financial Times
  • Joseph Stiglitz, Nobel laureate in Economics, University Professor, Columbia University
  • Wayne Swan, National President of the Labour Party, Australia
  • Jayati Ghosh, Professor of Economics, Jawaharlal Nehru University
  • Jose Antonio Ocampo, Professor, School of International and Public Affairs, Columbia University
  • Gabriel Zucman, Assistant Professor of Economics, University of California at Berkeley

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