I think on this occasion the headline to this story says it all.
Tax havens trade on secrecy.
If that secrecy is shattered tax havens have lost their currency. And those who use them will be very, very scared.
And that's exactly why the tax haven stories today are really important.
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I’m not sure some of the international Crime barons whom you (and I think everyone) rightly excoriate will be that fussed about these stories – the journalists writing them might well be on the end of some pretty heavy retaliation if they dig further. I think the havens themselves, will be worried, which is surely the idea.
The fear factor is what counts
If enough pull out the whole business ceases to be viable
Definitely – Although what the less savoury elements (organized crime like the Mafia or Camorra,for example)will do with that money is open to debate – I doubt any state will be able to get their hands on it. The ‘run of the mill’ tax evaders might sink it in illiquid assets but the key is to make it trickier, which hopefully these revelations will go some way towards doing.
Is this the first time we have agreed?
It’s got to be one of the first I think…..
Generally speaking, it is better that government fear citizens than vice versa….
Oh they will, and so will the NHS GPs and dentists who use them.