Sovereign governments around the world are no longer prepared to see their revenues eroded by tax evasion in recognised tax havens, according to the ACCA.
US tax authorities say they are looking into more than 100 accounts held by Americans in tax haven Liechtenstein. At least nine nations are now examining tax evasion related to the principality of Liechtenstein after a massive investigation by German prosecutors.
Following the UK's tax authority admission that it had paid an informant for data regarding British citizens with accounts in Liechtenstein, the Association of Chartered Certified Accountants (ACCA) said that this highlights that governments will no longer tolerate people avoiding their tax liabilities, with more nations following in Germany and the UK’s footsteps of obtaining confidential information about tax avoidance.
Allen Blewitt, ACCA’s Chief Executive, says: “Globalisation is clearly evident in the emerging international collaboration between governments and their revenue authorities. The screw is tightening on tax evasion and sheltering money in safe havens to avoid liabilities. Sovereign governments are looking to intervene more proactively in a way that sends a clear message to tax payers, their advisors and governments which seek to encourage use of havens.
“Germany and the UK’s payments to a Liechtenstein informer have created a world-wide domino effect, as ACCA has learned that New Zealand and Australia have announced a crackdown and we expect other national governments to follow suit.
“This is a sign that regimes are keener than ever to catch evaders, ensuring revenues are no longer being reduced. They are prepared to put pressure on tax jurisdictions from Liechtenstein to Switzerland to Luxembourg. This governmental determination will usher-in a new order, a different global environment in which banking secrecy will no longer be a hiding place to erode sovereign governments’ exchequers.”
He concluded: “Ordinary tax payers will applaud this concerted action to develop a fairer tax system.”
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