The war on tax havens

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That's what Accountancy Age says might break out if Obama wins. And they note:

Tax campaigner Richard Murphy says there are some clear practical steps that could be taken to deal with havens, which are, after all, sovereign states and free to set up whatever tax rates they like.

'Tax is not the issue,' Murphy says, insisting that it is more a question of secrecy. He refers to havens rather as 'secrecy jurisdictions'.

He says these jurisdictions have to provide better information sharing arrangements; the current ones being ineffective.

And if they don't, larger countries could withhold tax at source.

Equally, companies who decide to situate intellectual property abroad putting a brand name in a company in the British Virgin Islands, for example, and getting UK-based companies to pay a fee to that company for the use of it could end up finding that fee is not tax deductible against their UK profits.

A better list of jurisdictions needs to be drawn up, and it is possible a UN tax committee, rather than the OECD, could take on responsibility for the issues.

Not only that, but the big countries may have to change some of their own rules to avoid charges of hypocrisy.