To combat tax evasion, 55 countries - including Portugal - are going to start sharing information from 2017. Another 43 countries will join the list a year later.
Bit by bit, the fallout from the Panama Papers is changing the goalposts for the rich, famous and infamous.
“Life will get much more complicated for corrupt people and those who evade taxes in their own jurisdictions”, Álvaro Santos Pereira, a former economy minister under the last government, has affirmed.
Now director of the OECD’s European Studies Department, Santos Pereira has presented its latest report on fiscal transparency, explaining that among the 55 countries coming on board, are Jersey, the British Virgin Islands and the Isle of Man - all places formerly known as ‘tax havens’.
According to the OCED report “at least 50 billion euros in additional receipts have been identified in countries which voluntarily implement” transparency and allow taxpayers to “correct” their habits of evasion.
“Progress has been enormous”, and allowed by than half a million taxpayers to ‘come clean’ about their hidden millions, while benefitting governments with new revenue.
But for the time being Panama, like Bahrein, remains “one of the few financial centres” that have stayed outside the ballpark, thus the OECD is going after them, explains Diário de Notícias.
It will be asking countries that have not yet signed up to fiscal transparency to make progress, “particularly by implementing rules of identification of account holders and beneficiaries”.
Panama is understood to have said it was keen to come on board last year - and adopt what are known as Common Regulatory Standards (CRS) - but the country’s “unacceptable preconditions” saw the bid rejected.
Article by kind permission of http://portugalresident.com
Comments
I expect Blair allowed them to be introduced in 2001 because of pressure from the big four beancounters and also from the USA, where they have similar arrangements.
This move by OECD is a welcome first step, but while ever the big four beancounters are hand in glove with the government, I do not expect the overall tax position to change much.
Not withstanding an alleged Revolution 40 years ago they have not been on the tax radar so far. Much too important to be bothered. So how many of these VIP 1,000 will remain out of sight - officially? Particularly as much of their hidden millions, or specific assets, were taken 'illegally or unfairly' from other citizens during Salazar's time. So uncovering a monster can of worms that will once again make Portugal look silly. So all worms will be officially (and secretly) buried again.