Reasons To Be Cheerful The tax agenda fell into two parts: information exchange (pertaining mostly to individuals and evasion) and tax avoidance (the preserve of multinationals; mostly legal, if increasingly frowned-upon). In an end-of-summit declaration, the G8 said: “Tax authorities across the world should automatically share information to fight the scourge of tax evasion.” This provides important backing for the shift, already under way, away from the “on request” model of sharing, in which countries have to cajole each other to hand over data on suspected cheats. Automatic exchang e now looks set to become the global standard. As the summit opened, ten British dependencies with large financial sectors, including Jersey and the Cayman Islands, agreed to sign a multilateral convention on information-swapping. Persuading them to do this was important for David Cameron, the British prime minister, who had been under pressure from EU partners to show he was bringing Britain’s offshore satellites to heel. economist/blogs/newsbook/2013/06/g8-summit
Posted on: Fri, 21 Jun 2013 13:48:09 +0000
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