The twenty major industrialized countries (G20) want to fight tax havens. They endorsed Friday in Washington earlier statement by Germany and four other large EU Member States to exchange information on tax structures abroad.
The collaboration is a response to the so-called Panama Papers. The revelations of massive tax evasion and tax avoidance by wealthy individuals and companies were made in many international newspapers, including the FD and Wedding.
Empty eg
an automatic exchange of information should be on shelf companies that can be used for tax evasion. In all countries registers for entrepreneurs emerge, allowing full transparency and creates clear who actually owns empty limited companies. Which can be used to launder money or evade taxes white.
The Thursday presented the initiative of Germany, the United Kingdom, France Spain and Italy is the first major cross-border action in response to the publications of the Panama Papers.
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