G-20 TO PENALIZE TAX HAVENS AFTER PANAMA PAPERS

G-20 TO PENALIZE TAX HAVENS AFTER PANAMA PAPERS

61
0
SHARE

G-20 TO PENALIZE TAX HAVENS AFTER PANAMA PAPERS

– Ministers of Finance Call on Jurisdictions unto Transparency

– G-20 Claims Tax Transparency Is Expedient for Financial System

G-20 To Penalize Tax Havens After Panama Papers
G-20 Finance Ministers and Central Bank Governors

G-20 TO PENALIZE TAX HAVENS AFTER PANAMA PAPERS

Over the presently riveting issue of tax evasion, 20 economies have warned to penalize havens that refuse to share information on their banking clients have provoked a global uproar after the leak of the Panama Papers.

Information has it that the G-20 will put “defensive measures” into consideration against financial centers and jurisdictions that will not commit to an international standard requiring the exchange of information about account holders.

This was said by the finance ministers and central bankers in a statement after meeting in Washington.

Accordingly, the group says it would work with the Organization for Economic Co-operation and Development (OECD) to come up with criteria for identifying “non-cooperative jurisdictions” by July, and see to improving the transparency in the controls of legal tax entities as such remains vital to the international financial system.

Allegedly, some governments have pledged as well to crack down on tax evasion and money laundering to help regain public trust. G-20 TO PENALIZE TAX HAVENS AFTER PANAMA PAPERS

A statement of global standard developed by the OECD and endorsed by the G-20 has been said to call on tax jurisdictions to share information on an annual basis about their banking systems, including the names and tax identification numbers of account holders.

Finance chiefs have also indicated that risks to the global recovery have stabilized while threats to the outlook remain, including terrorism and the U.K.’s potential exit from the European Union.

YOU SHOULD READ THIS:  Truck Drivers Protest Over N10,000 Tax

As put by Bloomberg Terminal, the G-20 struck a less alarmed tone than it did at its previous meeting in Shanghai in February, when officials acknowledged the rocky start to the year for financial markets and expressed growing concern about a downgrade in the global economic outlook.

However, the G-20 members have reiterated that they would consult closely on currencies. “We reaffirm our previous exchange-rate commitments, including that we will refrain from competitive devaluations and we will not target our exchange rates for competitive purposes.”

They emphasized that they will resist “all forms of protectionism.”

G-20 TO PENALIZE TAX HAVENS AFTER PANAMA PAPERS