their funds in offshore tax havens?

G20 summit: Ten tax havens agree to share information

Ten tax havens have signed up to a deal to share information about those suspected of avoiding tax, Gordon Brown will announce at this week's G20 meeting in London.

By Andrew Porter, Political Editor

Last Updated: 6:23AM BST 31 Mar 2009

The Prime Minister will use the meeting of world leaders to hail the deal which he admits he has spent a decade, including his time at the Treasury, trying to secure. Among those who have agreed are Switzerland, Liechtenstein, Luxemburg, Monaco, Austria and Andorra.

The agreement will be part of a wider package of measures designed to "clean up" the global financial system. That will include a new system of worldwide economic supervision.

The Organisation for Economic Cooperation and Development (OECD) had put pressure on the Swiss and Austrians in particular to sign up to the deal. They appeared on a recent list which highlighted those countries whose bank secrecy rules questioned.

The other countries who have signed up are Hong Kong, Macau, Belgium and Singapore.

Those countries will now agree to share information with other nations when it is requested – although not automatically. United States tax investigators were frustrated in their attempts recently to look at clients of UBS, Switzerland's biggest bank.

Source : Telegraph UK

http://www.telegraph.co.uk/finance/finance...nformation.html

Your taxman wants you! Well not exactly you, you can go to hel_l but he wants your money and he's not prepared to offer any honey in return.

FARK!!!!!!

So now what, am I supposed to keep my money in THAILAND????A?S?#$?$#?#$

One hopes the Taxman has enough smarts to wait until he receives data from the banks before deciding who go after - If he was to rely on claims of wealth from the internet (and TV in particular) he'd be spending a lot of time chasing Walter Mitty.

I think, or rather hope, that this is the crucial bit.

Those countries will now agree to share information with other nations when it is requested – although not automatically.

So unless you are a high profile character they're unlikely to rumble you. I don't see them trawling through all the banks looking for Joe Soap and his ten grand.

Anyway I'm okay as my millions are in Vietcombank and Hanna bank, trouble is they are VND and KRW and hardly amount to enough to buy a tent even in Thailand.

Oddly enough, given all the effort dear old Gordon has put into getting this agreement, there's not much fuss being raised.

i know alot of wealthy brits in Thailand who hold all there off shore funds and companies in Hong Kong......

the net gets tighter and tighter, there is no doubt about it. but the wealthy will always be a step or two ahead of the rather lame tax clowns. the simple reason is that the wealthy are able to act faster and have more options to adapt to any future legislation/development well in advance.

most of the tax clowns commit the same mistake over and over again by unfair and exponential instead of linear or capped taxation but providing nothing more in exchange than what they provide to those who pay no taxes at all or pay a only a rather small amount of taxes. the tax clowns don't realise that fair taxation is the optimal way to collect more taxes.

although it is not in my best interest i'd like to add that tax clowns exist who act "the other way", e.g. the thai tax authority which does not levy any tax on us foreigners living here. WAIT and let me put on my armour before you start throwing heavy objects at me

FARK!!!!!!

So now what, am I supposed to keep my money in THAILAND????A?S?#$?$#?#$

I can hold it for you in a very safe place but I will need to charge a small fee.

Ten tax havens have signed up to a deal to share information about those suspected of avoiding tax, Gordon Brown will announce at this week's G20 meeting in London.

Avoiding paying tax is not illegal, it's tax evasion that's illegal.

Ten tax havens have signed up to a deal to share information about those suspected of avoiding tax, Gordon Brown will announce at this week's G20 meeting in London.

Avoiding paying tax is not illegal, it's tax evasion that's illegal.

Not sure what the distinction is between avoidance and evasion. If your income is coming from non-taxable investments, either at home or abroad, then sure, that type of tax avoidance would not be illegal. However if that’s what you’re doing, then the mere sharing of information between your bank and your government wouldn’t increase your tax bill, only changes to tax laws would do that.

I think, or rather hope, that this is the crucial bit.

Those countries will now agree to share information with other nations when it is requested – although not automatically.

So unless you are a high profile character they're unlikely to rumble you. I don't see them trawling through all the banks looking for Joe Soap and his ten grand.

Don't be so sure and assume cause you're a small fish you won't get caught, it's a blanket policy they plan for.

The small fry can't afford fancy lawyers and tax guru's to advise them on the wheeling and dealing of this murky area. This makes them a sitting duck!

Brown has been hounding this issue for years. First the time out of the country was increased now this stalinist crap.

The only hope is that Labour lose the next election and Brown sinister plan is torpedoed!

The trouble is the masses don't care for this sort of thing. They never bought into being mobile.

I think, or rather hope, that this is the crucial bit.

Those countries will now agree to share information with other nations when it is requested – although not automatically.

So unless you are a high profile character they're unlikely to rumble you. I don't see them trawling through all the banks looking for Joe Soap and his ten grand.

Don't be so sure and assume cause you're a small fish you won't get caught, it's a blanket policy they plan for.

The small fry can't afford fancy lawyers and tax guru's to advise them on the wheeling and dealing of this murky area. This makes them a sitting duck!

Brown has been hounding this issue for years. First the time out of the country was increased now this stalinist crap.

The only hope is that Labour lose the next election and Brown sinister plan is torpedoed!

The trouble is the masses don't care for this sort of thing. They never bought into being mobile.

So does anybody really know what this information sharing really imply? Will the authorities in UK get a blanket policy to inspect all bank accounts opened by UK citicens worldwide? I guess that must be so. The other option would be for them running from country to country asking about named individuals. Cant really see they have the capacity to do that and I also think no fish is to small for the tax guys. They want even the smallest sardine...

WB

The only hope is that Labour lose the next election and Brown sinister plan is torpedoed!

The trouble is the masses don't care for this sort of thing. They never bought into being mobile.

There's no chance of that 'cos if the other lot get in they'll gleefully take your money and blame it on Brown anyway.