UK backs European tax haven offensive

Plans to tighten European Union bank secrecy rules have been backed by the UK
government, as the crackdown on tax havens intensifies.

The Daily Telegraph reports that the plan was backed 25 of the 26 EU
finance ministers that attended a meeting in Brussels yesterday.

The ministers have asked the EC to bring forward a report on tax rules and
make amendments to close tax loopholes.

The focus on the tax havens of Liechtenstein, Andorra and Monaco has
increased after German tax authorities and HM Revenue & Customs paid an
informant for bank account details from Liechtenstein bank LGT.

‘We need pressure from Ecofin and the European Commission on Liechtenstein to
provide more information to ensure people are not acting illegally to evade tax
obligations,’ the Treasury said.

Further reading:

EU to launch attack on tax havens

Germany to call for tax haven

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