Arab Today, arab today g8 seeks teeth over tax evasion bank secrecy
Last Updated : GMT 09:18:07
Arab Today, arab today
Arab Today, arab today

G8 seeks teeth over tax evasion, bank secrecy

Arab Today, arab today

Arab Today, arab today G8 seeks teeth over tax evasion, bank secrecy

Paris - AFP

Tax evasion and banking secrecy, hot topics and top targets because of the financial crises and austerity, could be the focus of strong statements at the G8 meeting this week. The British government, organising the meeting in Northern Ireland, has promised big developments on the basis of substantial progress recently in clamping down on evasion and bursting bank secrecy. But many observers from civic bodies are pessimistic and say that the summit on Monday and Tuesday will amount to a lost opportunity despite the public outrage over recent brazen cases at a time of tax rises and budget cuts. The tightening up of tax systems across borders, and opening up information on how businesses do their accounting across borders, are two of the burning issues for Britain which is currently chairing the G8 (Group of Eight) leading countries. The G8 comprises the United States, Japan, Germany, France, Canada, Britain, Italy and Russia. British Prime Minister David Cameron has prepared the way for the summit of heads and state and government by stating the \"ambition\" that the meeting at Lough Erne will \"knock down the walls of banking secrecy\" with \"concrete measures\". French President Francois Hollande, badly bruised by a recent scandal involving an admission by his budget minister Jerome Cahuzac, also responsible for fighting tax evasion, that he had hidden money abroad, has said: \"Tax havens must be eradicated in Europe and throughout the world.\" The climate has turned strongly in favour of tough action: pressure on these two fronts, which seemed to have eased after progress in 2009, is again at a high pitch. First, a new law in the United States, called Fatca, obliges all banks to provide US authorities with all information they hold concerning all assets owned by US taxpayers. Meanwhile, revelations by journalists, known as \"Offshore Leaks\", have further strengthened the perception that no bank account can be considered secret and that hidden funds are liable to exposure. The consequence of this is that the gates of some strongholds of banking secrecy, such as Switzerland, are beginning to give way. The European Union, in which some countries have arrangements considered favourable to those seeking to dissimulate funds, seems to be overcoming internal divisions and trying to catch up with the United States, even though Austria and Luxembourg still show some reticence. The G8 leaders are expected to make strong statements calling for a \"truly global system of multinational information exchange\", according to a draft final statement. But concrete measures appear unlikely. Cameron has opened a second front to combat strategies by multinational companies to avoid paying tax via transfer pricing and other techniques to generate costs in high-tax countries and profits in low-tax countries or tax havens. ublic opinion in several countries, already inflamed by stories of tax evasion and tax avoidance at a time of austerity, has been roused further by revelations in the United States and Europe that international brands such as Starbucks, Google, Amazon and Apple, pay little tax in countries where they have high-volume business. In Northern Ireland, the G8 leaders, all of whom are facing national budget pressures, will support an action plan to be put forward soon by the Paris-based Organisation for Economic Cooperation and Development. But even under this programme, hard-hitting measures will have to wait, mainly because of diverging interests. Sources in Paris which are close to the talks said that \"France is most interested in digital issues\" while \"American negotiators are not particularly enthusiastic.\" One of the most sensitive matters concerns trusts and other structures which can be used as legal shields to conceal the identities of people with offshore activities and assets. Britain has put transparency in this field on the agenda, saying that change is needed also to help fight the laundering of illicit funds. Cameron, to show goodwill, has also urged British crown dependencies and territories such as the Cayman Islands and British Virgin Islands, reputed to be flourishing tax havens, to join in and ramp up their cooperation against evasion. However, the outcome of this appeal is unclear since some of them, such as Bermuda, are reluctant to sign an agreement put forward by Cameron. This could be a blow to the position taken by the G8. Non-governmental organisations are calling for \"public registers of the owners and real beneficiaries of companies and other legal entities offshore,\" in the words of Mathilde Dupre, the coordinator of a body called the tax and judicial haven platform. \"This is a long way away,\" she said, noting that the draft final statement so far referred only to vague \"national action plans.\" At the NGO called One, founded by rock star Bono, Guillaume Grosso commented that \"in the field of registers, Cameron has been unable to turn intentions into acts.\" He held that the United States and Russia had countered what would have been \"the big step forward by the G8.\" Judging that this was \"a missed opportunity\", he said that \"these issues could just be forgotten.\"

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today g8 seeks teeth over tax evasion bank secrecy Arab Today, arab today g8 seeks teeth over tax evasion bank secrecy

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today g8 seeks teeth over tax evasion bank secrecy Arab Today, arab today g8 seeks teeth over tax evasion bank secrecy

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday