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May 2009

OECD estimates $11 tn parked in tax havens

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
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  1. OECD estimates $11 tn parked in tax havens

The
Organisation for Economic Cooperation and Development (OECD) has estimated
that about $11 trillion, more than 10 times the amount committed by G-20
leaders to revive the world economy, is held in tax havens, even as it
released the black list of non-cooperative nations. Estimates of the
value of assets held in tax havens range from $1.7 trillion to $11.5 trillion,
the OECD said while naming Malaysia, the Philippines, Uruguay and Costa Rica
as countries that have not agreed to implement international tax standards.
Mauritius, the country from where large amounts of investments are routed
to India, figures among the nations that have substantially implemented tax
standards. Among the countries that have committed themselves to the
internationally agreed tax standards but have not yet implemented them are
Singapore, Switzerland, Bahamas, Bermuda, British Virgin Islands, and Cayman
islands.

(Source : Media
Reports & Internet, 03.04.2009)

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