> Crucially, as a briefing paper from the Royal United Services Institute think tank warns, freeports might facilitate the illegal import of drugs, wildlife and counterfeit or stolen goods.
> Such illegal import activities often involve tax evasion and what global watchdog Financial Action Task Force terms “trade-based money laundering”.
> The world’s richest became attracted to free ports for being a haven of security and confidentiality. But more than anything, it offered them an extensive array of special tax advantages. The ports were no longer being used a means of transit, but as a permanent home for their accumulated wealth that they did not want to declare to the tax authorities.
As with the complete removal of limits on contributions to pensions, the very very rich are getting what they lobbied for, at our expense, and no doubt laughing at us along the way.
Just drop all import taxes for the country as a whole, Jesus. I want British companies to be competing harder for my customership.
Freeports do not work, they were tried already and discontinued because they were abject failures.
3 comments
[Tax avoidance](https://www.port.ac.uk/news-events-and-blogs/security-and-risk/blogs/levelling-up-how-uk-freeports-risk-harbouring-international-crime). It’s always about tax avoidance
> Crucially, as a briefing paper from the Royal United Services Institute think tank warns, freeports might facilitate the illegal import of drugs, wildlife and counterfeit or stolen goods.
> Such illegal import activities often involve tax evasion and what global watchdog Financial Action Task Force terms “trade-based money laundering”.
Freeports are also a great way for the very, very rich to [avoid paying tax](https://www.artdex.com/swiss-freeports-art-treasures-tax-evasion/) on their artworks
> The world’s richest became attracted to free ports for being a haven of security and confidentiality. But more than anything, it offered them an extensive array of special tax advantages. The ports were no longer being used a means of transit, but as a permanent home for their accumulated wealth that they did not want to declare to the tax authorities.
As with the complete removal of limits on contributions to pensions, the very very rich are getting what they lobbied for, at our expense, and no doubt laughing at us along the way.
Just drop all import taxes for the country as a whole, Jesus. I want British companies to be competing harder for my customership.
Freeports do not work, they were tried already and discontinued because they were abject failures.