EU to launch attack on tax havens

The continent’s leading finance ministers are expected to launch an offensive
against the tax havens of Liechtenstein, Monaco and Andorra at the Ecofin summit
in Brussels today.

The 27-member meeting is expected to strengthen the 2005 EU savings tax
directive in an effort to crackdown on the tax havens.

According to the Independent, German Finance Minister Peer Steinbruck will be
leading the campaign to close loopholes in the directive.

European nations have grown increasingly frustrated with the conduct of tax
havens, which prompted Germany and the UK’s HM Revenue & Customs to pay an
informant for secret bank details from Liechtenstein.

Globally, it is estimated that between $7 trillion (£3.5 trillion) and $12
trillion (£6 trillion) is held offshore in tax havens.

Further reading:

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