Crackdown on tax havens completed

Our parliamentary correspondent, Accountancy Age 23 May 2005

UK crackdown on offshore tax havens about to be completed

The UK is about to complete the crackdown on offshore tax havens required to avoid being subject to
the proposed European Union withholding tax regime.

The Commons is expected to approve four more regulations tomorrow authorising the exchange of
information about the holdings and tax liabilities of EU citizens required under the Savings
Directive with the Netherlands Antilles, Aruba, the Virgin Islands and Monsterrat.

Similar orders have already been approved covering Jersey, Guernsey and the Isle of Man, and
non-reciprocal arrangements have been agreed with Anguilla, the Cayman Islands and the Turks and
Caicos Islands.

Gibraltar - whose compliance caused difficulties - does not require a separate agreement, as it is
technically part of the UK.

The directive is due to come into force on July 1.

Implementation has required decisive arm-twisting by Treasury ministers of island administrations
concerned at the effect the crackdown will have on their economies.

Link: Rich hide $11.5 trillion in tax havens
http://www.accountancyage.com/accountancyage/news/2037126/rich-hide-trillion-tax-havens

http://www.accountancyage.com/accountancyage/news/2135512/crackdown-tax-havens-completed