Wednesday, 12 March 2008

Tax Havens

In an increasingly global world and diverse new technologies it is much easier and quicker to move money around the world to avoid taxes. Though there are a number of tax havens the so-called 'rich countries club' OECD has compiled a list of unco-operative tax havens who do not apply its standards aim at fair taxation. However, matters become much more complex when the tax haven is your neighbor, and you need their unforthcoming cooperation to seal the tax evasion loopholes.

A case in point is the recent tax evasion scandal that has rocked Germany, involving its neighbor, Liechtenstein. It is widely reported that Germany paid an informer about €4m for details in a mammoth tax evasion investigation of funds held by German nationals in a Liechtenstein bank. The information obtained led to arrests of luminaries, with more heads expected to roll in due course.

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1 comment:

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