Financial Transparency Coalition

Signed today – and slipped out on HMRC’s web site without a press release (I wonder why?) is a double tax agreement (yes, I mean that – a DTA, not a Tax Information Exchange Agreement) with the Cayman islands. It’s available here. It’s not, I hasten to add a full blown DTA. But then, it’s not a full blown TIEA either. In fact the extraordinary thing is that the information exchange clause is far less onerous than a TIEA. So, for example, there is no reference to the need for the parties to be able to prove beneficial ownership of trusts,...

Tax-News.com reports:

Jersey’s Privy Council has approved an order allowing Foundations to be set up in Jersey. At a meeting held this week in London, an order was made approving the Foundations (Jersey) Law 2009.

Another toy for the tax abusers to play with. At cost to society at large. And Jersey seriously ask us to believe that they’re in the “cooperative, respectable, transparent and well regulated group” of jurisdictions. The evidence on the ground is quite the opposite: they are dedicated to providing structures for offshore abuse; abuse that can only be designed to undermine the...

I missed this whilst on holiday last week (which I was, for those who did not notice): the House of Commons International Development Committee published a report saying:

Developing countries suffer disproportionately from the existence of tax havens which prevent them receiving much-needed tax revenue which they should derive from economic activity within their borders. The ending of tax havens is necessary, not only for reasons of justice but also to promote good governance and robust management of public finances in poor countries. We believe that the consensus reached at the G20 represents an important milestone on the way...