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12 Nov 2008
World leaders will this weekend begin discussions over a crackdown on tax havens, it is thought.
Richard Murphy, tax campaigner at the Tax Research Network, said the G20 summit presented an opportunity to start formal negotiations, but concrete measures are not expected until US president-elect Barack Obama takes over in January. ‘The summit will be the start of the process, not the conclusion,’ he said.
Murphy said that denying tax relief to non-co-operative tax havens could be an effective way of dealing with the problem, but it is unclear whether major countries will be able to agree a way forward on the issue.
Obama’s victory is also likely to generate a new blacklist of tax havens who fail to comply with information exchange agreements.
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Tax Havens
It's outrageous that large wealthy western socialist countries are picking on these little countries.
These western socialist nations need to reform their tax systems so that business is attracted to them. It also means that these large countries need to cut their bloated budgets. The US Government is an outright pig when it comes to spending, and most of it is unconstitutional. It needs to get its own financial house and make the country an attractive place to do business.
Posted by: David, 13 Nov 2008 | 00:00