Targeting the tax havens
- 4 Mar 08, 08:06 AM
鈥淲e expect the Germans to bang the table,鈥 one source told me.
And there will be a quiet murmur of approval from the British minister if they do. The commission representative might quietly applaud. But none of them seems quite sure what they can actually do.
The Germans would like something to be done about tiny states that act as tax havens.
This is not surprising as they are in the middle of a still unravelling scandal about rich people avoiding paying tax by hiding it away in Liechtenstein.
'Bullying tactics'
They鈥檝e been accused of bullying and a top Swiss banking official had to apologise for .
A German spokesman told me in brisk Anglo-Saxon language that that they had prepared a paper on the way forward was nonsense.
But most here think it would suit the Germans if the European Union as a whole could act, rather than leave it to them alone. They were already going to report on negotiations with Hong Kong and Macao and this is certain to lead to a wider discussion.
Sources tell me the commission is, in theory, keen on toughening up the rules. It feels the is full of loopholes and lacks teeth.
It will almost certainly announce that a planned review of this directive will be brought forward from the autumn to the early summer.
But what they can do? Britain would be keen on putting pressure on the small countries to at least .
But how to put pressure on them? is the tax dodgers setting themselves up as 鈥渇oundations鈥, so ducking the rules that cover individuals.
Commission Sources say some countries, such as France and Luxembourg, may be against any loophole-closing. And even if ministers could reach agreement, designing new rules is difficult.
But what about the principles? Should there be European Union rules on this? Is such tax evasion morally wrong or a clever use of accountants? I would love to hear a billionaire explain why they should be a foundation.
6PM BRUSSELS
They should have expected it but I am told ministers were rather surprised that the German finance minister hijacked the meeting and lectured them for ten minutes on the inequities of tax havens, demanding the loopholes should be closed.
I'm told "he went off on one". The commission's response was rather more bland.
It's possible new laws may be on the way: but it'll take a time, as things do in Brussels.
The commission will speed up its review and have something on paper by the end of June.
This is the UK Treasury's response: "Tax evaders should not be able to hide behind banking secrecy laws. We need
clear pressure from Ecofin and the commission on Lichtenstein to provide more information to make sure people are not acting illegally to evade their tax obligations.
"The EU Savings Directive has already led to a big increase in transparency and co-operation across borders to prevent tax evasion.
"The UK supports the commission's proposals to bring forward the timing of the review into the Savings Directive."
Watch this space.
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