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Thursday, April 21, 2016

EU mulls crackdown on banks offshore tax advisers after Panama Papers



"The driving factor to bring someone into compliance is almost always fear. As the reality of the fishbowl world we live in becomes more clear, more and more individuals are coming forward to declare offshore assets."

~BQ

European Union countries should consider taking tougher measures against banks and tax advisers who help their clients to hide money offshore, an EU Commission paper says.
The document will be discussed at a meeting of EU finance ministers in Amsterdam on April 22-23, where tax evasion has been added to the agenda following the Panama Papers leak.
"The Panama Papers have highlighted how certain European financial intermediaries and other providers of tax advice appear to have actively helped their clients to conceal money offshore," the document, seen by Reuters, said.
EU mulls crackdown on banks offshore tax advisers after Panama Papers

Mr Walker said last night: ‘It is ridiculously heavy-handed for banks to treat British MPs and their families in this aggressive way. They should be targeting crooked despots and dictators, not MPs’ grannies.’ UK Osborne exempts members of parliament other politically exposed persons from money laundering oversight


In general the public wants a tax system that is structured fairly and they want everyone to pay what they are meant to. This has been shown clearly by reactions to the Mossack Fonseca leak. The problem is that there are many different types of fairness involved in issues of taxation – and they are often pitted against each other.
When it comes to tax, how do we decide what’s fair? 

Be thankful the US is willing to be our global policeman on Panama etc... 

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