Tax information agreements
It appears that the UK and Ireland are among countries rushing to sign tax information agreements before the next G20 meeting in September.
There appears to be a concerted attempt to bring relationships with tax havens up to date before the spotlight comes back on the subject later this month.
The subject of tackling tax evasion will be part of the agenda at the September G20 meeting in the US. Those countries which by then have signed 12 of these agreements with other countries will have crossed what the OECD (Organisation for Economic Co-operation and Development) describes as 'the threshold for being considered to have substantially implemented the internationally agreed standard in this area'.
The usefulness of these agreements is not at all certain. However, one point that is certain is that the tolerance for tax havens is decreasing.
Cathy Corns is a tax adviser and a partner at Mercer & Hole. The views given in this blog are personal to the author.
Date: 8th September, 2009
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