Fri, Jun 21, 2013 - Page 9 News List

G8 talks deliver on tax haven crackdown, but no Syria change

World summits may be dubbed ‘the audacity of pessimism,’ but world leaders at the summit agreed to significant tax changes to end corporate tax evasion

By Patrick Wintour  /  The Guardian, LONDON

Neither Russia nor the West are able to bring their respective clients to the negotiating table. The true progress has been in the greater understanding of each other’s position.

However, on tax, one British official said the communique had “more substance on tax and development than any communique for 20 years.”

Cameron accepted that many will simply see it as words on a page and that there are many “shoulds” and “shalls” as opposed to commitments in the communique, but there is now a process under way.

Among information to be shared will be whom ultimately benefits from shell companies, special purpose vehicles and trust arrangements often employed by tax evaders and money launderers.

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