51 Countries Sign Accord Against Tax Evasion Merco Press
go to original November 2, 2014

Fifty one nations have signed what was hailed as a milestone in the fight against tax evasion, an agreement that commits them all to automatic exchange of tax information starting in 2017.

The accord will end banking secrecy as it has been known for decades, the finance minister, Germany's Finance minister Wolfgang Schäuble, told Bild newspaper.

Notably absent were Switzerland, known for the secrecy of its banking system, and the United States, which has preferred to pursue its own path in fighting international tax evasion.

George Osborne, the chancellor of the British Exchequer, joined other ministers in lauding the relative speed with which the agreement had been negotiated and signed. “Tax evasion is a scourge across the world,” he said. The accord “will reduce the places that tax evaders can hide their money.”

A declaration unveiled at the signing ceremony said that “under the new global standard, a wide range of information will be exchanged on offshore accounts, including account balances and beneficial ownership.”

“The ability of tax evaders to hide is vanishing quickly,” it added. “Tax evaders have two choices: come forward, or be caught.”

...The 51 countries include: Germany, Spain, UK, France, Greece, India, Colombia, Italy, Mexico, South Africa, Netherlands, Luxembourg, Ireland, plus Anguilla, Barbados, Belgium, Bermudas, Bulgaria, Cyprus, Korea, Croatia, Curacao, Czech Republic, Denmark, Slovakia, Slovenia, Estonia, Finland, Gibraltar, Guernsey, Hungary, Isla of Man, Cayman Islands; Faeroe Islands, Turks & Caicos, British Virgin Islands, Mauritius, Iceland, Jersey, Latonia, Liechtenstein, Lithuania, Malta, Montserrat, Norway, Poland, Portugal, Rumania, Seychelles, and Sweden.

Read the whole article at Merco Press

Photo: Gulf Times

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