Tax haven crackdown yields €14billion

| 25/10/2011

(Reuters): An international drive against offshore tax havens has reaped nearly 14billion from would-be tax evaders, the OECD said on Tuesday. Some 100,000 taxpayers in 20 major economies surveyed by the OECD have revealed previously undetected offshore assets in the last two years, allowing tax authorities to collect the equivalent of nearly $19 billion. "As cash-strapped governments look to pay down their deficits, this will make a substantial contribution to fiscal consolidation," Secretary General Angel Gurria saidat the opening of a two-day meeting on tax transparency.

"Just as important — most of the additional revenues has been secured from citizens trying to evade taxes," he added. "At a time when many governments are forced to ask their citizens to accept higher taxes and reduced public services, everyone must pay their fair share."


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Category: Finance

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