No more hiding your money in offshore accounts

[halfpint]

I bet the corporate tax avoiders are please about this anouncement lolol

Leaders of the G8 major economies have agreed new measures to clamp down on money launderers, illegal tax evaders and corporate tax avoiders.

Governments agreed to give each other automatic access to information on their residents' tax affairs.

They will also require shell companies - often used to exploit tax loopholes and invest money anonymously - to identify their effective owners.

The summit communique urged countries to "fight the scourge of tax evasion".
Continue reading the main story

The measures are designed to combat illegal evasion of taxes, as well as legal tax avoidance by large corporations that make use of loopholes and tax havens.

http://www.bbc.co.uk/news/business-22956374

[Rochard]

The loop holes we have in the US are staggering... Why hide anything when it's perfectly legal.

[_Richard_]

more 'do as we say, not as we do'?

[DWB]

Governments agreed to give each other automatic access to information on their residents' tax affairs.

Good luck with all that. I'm sure that sharing will stop at bank accounts and taxes.

[Barry-xlovecam]

7/24/2012

Over the weekend, a new report by the Tax Justice Network came out which concluded that the global elite are hiding up to $32 trillion in assets in offshore tax havens.

http://www.forbes.com/sites/ericjack...-raising-them/

$32 trillion in untaxed assets ...

If I have to pay they do too ... Good chance it might lower the overall burden of taxation

[Dead]

$32 trillion in untaxed assets ...

If I have to pay they do too ... Good chance it might lower the overall burden of taxation

No, you follow the rules, them, not so much. Come on people, Wake UP!

[JFK]

$32 trillion in untaxed assets ...

If I have to pay they do too ... Good chance it might lower the overall burden of taxation

NO............ they will just think of new ways to squander it !