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Tax havens are blacklisted

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Tax havens are blacklisted


The European economic think-tank the OECD has responded swiftly after the G20 summit and published a blacklist of countries sheltering tax evaders.

Regulation of these havens was a priority at the meeting. Top of the name-and-shame list are Costa Rica, Malaysia, the Philippines and Uruguay. But there is also a separate “greylist” of countries. They have agreed to improve transparency but have not yet signed up to anything. They include European countries such as Lichtenstein and Austria. Critics say nations such as Switzerland might still not do enough to dismantle banking secrecy, something the Swiss refute. Swiss President Hans-Rudolf Merz said: “We are disappointed, especially as we’re a member of the OECD and we had no chance to influence the criteria for this list and that’s not nice. But this demonstrates that we have to work more intensively on an international level. We’re doing that, we’ve had the first contacts about double taxation treaties, but in the end we had no influence.” Facilitating the rich in hiding away their wealth without paying adequate tax is frowned upon by a majority of countries. Leaders, struggling in the current world wide financial crisis, say tax evasion is unjust and illegal.
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