Skip to:

Text size [+][-]  Monday March 15 2010GLOBAL EDITION

Considered view
28 Feb 2008 09:56

A taxing distinction

Context News

Tax evasion linked to the Liechtenstein tax haven, the subject of a German-led probe, will be on the agenda at a meeting of EU finance ministers on March 4. German authorities said this week that at least 195 people confessed to tax evasion since their probe of Liechtenstein bank accounts began two weeks ago. A total of E200m of undeclared deposits by wealthy Germans was under investigation.

Twelve other countries - the US, UK, France, Ireland, Netherlands, Norway, Spain, Australia, New Zealand, Italy, Canada and Sweden - have announced their own investigations into tax evaders with Liechtenstein accounts.

Chancellor Angela Merkel pressed Monaco's Prince Albert on Wednesday over his country's banking system at a meeting in Berlin. Monaco, Liechtenstein and Andorra are on a list of “uncooperative tax havens”' published by the Paris-based Organisation for Economic Cooperation and Development.

After the scandal over little Liechtenstein, the two larger European countries will come under pressure to divulge more information about accounts. Both turn over information in cases of tax fraud, but not tax evasion. The distinction looks flimsy.

Sign up to read the rest of this subscriber-only content, or if you are already a member please sign in here.

Forgotten your password? Get a password reminder.


This Views Flash will shortly be followed by a Considered View


More stories by:  William Echikson






Share