Much is being made of nine new countries signing the OECD's multilateral convention on mutual administrative assistance on tax matters.
Of course I welcome Luxembourg, Austria and others signing this.
And yes, this does put the pressure on the UK to make the Crown Dependencies and overseas territories sign.
But let's be clear: this is not automatic information exchange as some seem to be implying.
And let's also be clear that the OECD is very good at setting up conventions that do not deliver. They did this at the London G20 summit in April 2009. If the tax haven agreements reached then had worked we would not need another deal now. So the track record is that the OECD delvers deals, not action. And it is real action, including real automatic information exchange that we really need backed by real transparency on company ownership and trusts plus country-by-country reporting.
And we are still a long way from that.
And I fear the OECD is puffing bluff so we do not notice that there may be no real action on tax at the G8?
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I will cheerfully admit to being quite sure this whole charade is just more smoke and mirrors for the bewilderment of the masses.
You can fool some of the people all the time etc
I’m getting very cynical in my old age.
In a Channel 4 item on the now 500.000 using food banks in the UK, an Oxfam spokesperson mentioned tax avoidance as a major factor in this ‘new’ poverty. The link is being made more and more. This is testimony to your work, Richard and the TJN.
Speaking of all things international, how has this worked out?
http://www.taxresearch.org.uk/Blog/2012/10/09/its-green-light-for-a-european-robin-hood-tax/
A work in progress
Very slow work it seems:
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10089119/Europe-rows-back-on-FTT-plans.html
You expect overnight miracles?
No doubt the Banks and other vested interests are working hard behind the scenes to wreck this proposal…
I’m a newcomer to this blog and to TJN.
I have no training in economics nor even a talent for the subject, but have become so tired of hearing conflicting opinions about corporation taxes that I’ve decided to investigate for myself.
I really appreciate all the information I find on both your websites. I’m most impressed by your rigorous work & arguments, your independent stance and ethic.
Many thanks from a financially illiterate (and female) Joe Bloggs.