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December 2008

New tax haven blacklist likely

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
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24. New tax haven blacklist likely


Seventeen countries led by France and Germany decided to draw
up a new blacklist of tax havens, which could include Switzerland, in a first
step toward rewriting the rules of global finance.

The world’s 40-odd tax havens, such as the Cayman Islands and
Jersey, are known hideaways for undeclared revenue and host many of the
non-regulated hedge funds that came under fire following the recent financial
meltdown.

French budget minister Eric Woerth said the 17 governments at
the Paris meeting agreed to task the OECD with drafting a new expanded blacklist
of countries that fail to cooperate on tax evasion and transparency.

“Banking secrecy has its limits,” Woerth added. “Switzerland
has made progress… but we must take matters farther.”

(Source : The Economic Times, dated 23-10-2008)

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