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  1. Wealth
June 1, 2009

Super-wealthy targeted in tax evasion campaign

By Spear's

An international campaign against tax evasion by the super-wealthy has been launched by tax authorities from 34 countries, which pledged to launch a coordinated pursuit of individuals hiding money offshore.

An international campaign against tax evasion by the super-wealthy has been launched by tax authorities from 34 countries, which pledged to launch a coordinated pursuit of individuals hiding money offshore.

The campaign will additionally focus on tax avoidance by the uber-wealthy “which may enable them to avoid significant parts of their tax obligations”, according to the communiqué issued after a meeting in Paris of the Forum of Tax Administration, a grouping of tax regulators from 34 countries. They committed to ramp up efforts to improve tax services and compliance, strengthen oversight of tax matters at companies and aide the creation of efficient tax structures in emerging markets.

The meeting was chaired by Pravin Gordhan, Finance Minister of South Africa who said: “Aggressive tax avoidance is a serious cancer eating into the fiscal base of many countries.”

Their communiqué, released late last Friday by the OECD declared that the proposals come as as governments face soaring budget deficits as they seek to combat the global economic slump.

For further details, visit thewealthnet

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