Swiss in firing line on tax haven crackdown

Some of the world’s leading economies, including France, Britain and Germany,
have thrown their support behind a crackdown on tax havens.

Measures are being drafted in identifying countries who fail to cooperate
with the tougher stance. Germany and France also hope to have Switzerland
designated a tax haven, under the plans.

Stephen Timms, financial secretary to the treasury, said in 2009 Britain will
be revisiting an investigation performed in 2006 requesting the nation’s top
five banking institutions provide information on their offshore accounts,
Telegraph reported

‘We gave people the opportunity to disclose offshore holdings and have so far
taken in £400m worth of tax that otherwise would have gone unpaid,’ he said.

Eric Woerth, budget minister of France, sympathised with taxpayer’s provision
of funds in bailing out banks when the prevalence of tax haven activity remains
largely protected.

Between $5,000bn and $7,000bn of funds are currently held in secret offshore
accounts, according to the OECD.

Further reading:

Associated Press report at

the Telegraph report

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