THE 7th
meeting of the Forum on Tax Administration, which brought together the heads
of tax administrations from 43 countries, concluded with a unified and strengthened
commitment to combat offshore tax abuse. The Forum's strategy includes
unprecedented sharing and exchange of information and coordinated action to
better identify and tirelessly pursue the promoters and users of abusive offshore
schemes. Those who once felt safe concealing their money and assets overseas
are now in an increasingly risky position. The also focused on the need to
work smarter in times of shrinking budgets, and how to strengthen our relationship
with large corporations through efficient and effective strategies that benefit
both the taxpayer and taxing authority, reveals the official communique of the
Forum.
The Media Release states that although there have been some high-profile successes
in the fight against offshore tax abuse, resulting in significant additional
tax revenues and real improvements in transparency and exchange of information,
it is far too soon to declare victory. When promoters and facilitators feel
that the Govts are tightening the net, they may simply move to a new location.
But the Forum will be relentless in its pursuit of them – no matter where they
may be. The Communique states that its Offshore Compliance Network is building
on the achievements of individual countries to improve collective ability
to deter, detect, and deal with offshore tax evasion. An early priority is
to better understand the structures used to hide offshore wealth.
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