Tax move flushes out collection of US$19b
Source: Agencies |
October 26, 2011, Wednesday
|
Print Edition
Print Edition
AN international drive against offshore tax havens has reaped nearly 14 billion euros (US$19 billion) from would-be tax evaders, the Organization for Economic Cooperation and Development said yesterday.
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 US$19 billion.
"As cash-strapped governments look to pay down their deficits, this will make a substantial contribution to fiscal consolidation," OECD Secretary-General Angel Gurria said at the opening of a two-day meeting on tax transparency.
"Just as important - most of the additional revenues have 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."
Italy has so far been the biggest beneficiary of the crackdown. A scheme there to promote voluntary disclosure of offshore assets had helped bring in additional tax revenues of 5.6 billion euros, the OECD said.
A similar scheme in the United States helped recover US$2.7 billion from more than 30,000 taxpayers. Germany had raised additional tax revenues of 1.8 billion euros from as many as 30,000 taxpayers.
Berlin is expected to net billions more from a recent deal to formalize the taxation of money stashed by German citizens in secret Swiss accounts.
Switzerland reached a similar agreement with Britain earlier this month and is inching toward a settling a dispute with the United States over Swiss banks helping wealthy Americans to dodge taxes.
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 US$19 billion.
"As cash-strapped governments look to pay down their deficits, this will make a substantial contribution to fiscal consolidation," OECD Secretary-General Angel Gurria said at the opening of a two-day meeting on tax transparency.
"Just as important - most of the additional revenues have 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."
Italy has so far been the biggest beneficiary of the crackdown. A scheme there to promote voluntary disclosure of offshore assets had helped bring in additional tax revenues of 5.6 billion euros, the OECD said.
A similar scheme in the United States helped recover US$2.7 billion from more than 30,000 taxpayers. Germany had raised additional tax revenues of 1.8 billion euros from as many as 30,000 taxpayers.
Berlin is expected to net billions more from a recent deal to formalize the taxation of money stashed by German citizens in secret Swiss accounts.
Switzerland reached a similar agreement with Britain earlier this month and is inching toward a settling a dispute with the United States over Swiss banks helping wealthy Americans to dodge taxes.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
