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Combined effort to clamp down on tax havens

27 February, 2009

European leaders congregated in Berlin last week to discuss tougher measures on tax havens and set a new regulatory framework.

The experts are predicting that there are plans for a global clampdown on offshore tax jurisdictions that will be announced at April’s G20 summit.

HMRC and the Treasury have declined to comment with regards to the details of a new proposal and Gordon Brown has said that the whole world will need to take regulatory action against and tax havens.

Clampdown on investors hiding money in tax havens or multinationals avoiding tax through artificial business structures will rely on information sharing agreements between tax authorities.

Chas Roy-Chowdhury, head of taxation at ACCA in the UK, has said that the tax havens need to police themselves more effectively to protect against tax evasion.

The UK, US, Canada and Japan, have all signed up to the Joint International Tax Shelters Information Committee to share information about corporate tax avoidance.

Tax havens such as Switzerland, which the US has accused of harbouring tax evaders, could find themselves named and shamed by governments and tax authorities.

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