Information exchange

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Accountancy Age has reported that HM Revenue & Customs:

HM Revenue and Customs hopes to make progress on negotiations with the Cayman Islands, China, Germany, Hungary, Faroe Islands and Saudi Arabia; and also to progress negotiations with the Crown Dependencies and Overseas Territories on Tax Information Exchange Agreements (TIEAs).

Apparently the hope is to be fulfilled by March 2007. I won't hold my breath. Nor do I expect automatic information exchange, which is the only acceptable basis for openness and transparency by which a territory can prove its commitment to rid all dishonest practices from its shores. Somehow I can't see Cayman, Jersey, Guernsey, the Isle of Man and the rest being ready for that as yet.

Not sure about the Faroe Islands - but then, they've never been a tax haven. Funny that, it just proves some islands can survive without the finance industry. Shame about the whaling though.

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