Tax Evasion -Tax Havens Lose their Resonance  

Tax Evasion -Tax Havens Lose their Resonance

Tax evasion is an offence which is increasingly coming under the spotlight and the economic turmoil stemming from the credit crunch is even giving the world's tax havens cause for concern. Tax evasion is a serious offence and one that is being significantly cracked down upon.

According to a report on the Economist, the world's tax havens are being put under increasing levels of scrutiny amidst fears that tax evasion may be on the rise due to the current state of the economy. The European Union is thought to be deeply unhappy with the extent of potential revenue lost to tax evasion by funds stored in various tax havens dotted about various locations around the world from Switzerland to the Caribbean. Tax evasion is often carried out on a large scale in these so called tax havens but, according to the report on the Economist, the European Union hope to address some of their concerns regarding tax evasion in these regions prior to the G20 meeting which is scheduled to take place in April of this year. It isn't a case of full disclosure though, however, as a number of countries intend to fight their corner with the intention of allowing banking secrecy in their countries, despite fears of the other member states that this facilitates considerable levels of tax evasion.

Tax Evasion – Finding an Agreement

According to the report on the Economist, the three countries that are fighting to maintain their banking secrecy are Belgium, Austria and Luxembourg. There are other countries across the world which currently enjoy such tax exemption such as Liechtenstein, Switzerland and Monaco but many member states hope to bring these nations into line at the upcoming summit in the hope that it will help derail what is believed to be high levels of tax evasion in these locations. It is not expected to be easier, however, to convince these countries to co-operate and the battle against tax evasion should be viewed as a gradual process as opposed to a quick fix resolution. The reason that tax evasion is unlikely to eradicated overnight is the fact that any legislation has to gain unanimous agreement in order to be ratified and there are still a number of hold out countries when it comes to disclosing a country's banking practices.

Tax Evasion – Understanding Concerns

It is, of course, important to address widespread tax evasion in these so called tax havens but it is equally as important to do it in a manner which is sustainable which is why it may take some time before the effects come to fruition in terms of stemming the extent of tax evasion emanating from these countries.

Looking for a Tax Evasion Expert? Speak to Gilbert Tax

If you believe that you may have incurred a tax liability through unqualified tax avoidance or potential tax evasion, now is the time to get in contact with Gilbert Tax. Conflicts with Inland Revenue and HMRC, both potential and existing, can almost always be successfully resolved. Taking a proactive stance in overcoming tax difficulties is of imperative importance. At Gilbert Tax, we are non-judgemental. The terms and conditions of your tax difficulties are not important, as our job is to simply assist you in dealing with them. Let Gilbert Tax lift the burden and worry of dealing with Inland Revenue from your shoulders. We are available by phone on 0800 734 3333 and by email at scott.gilbert@gilberttax.co.uk

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