OECD Tax Forum: Users Of Tax Havens To Face Greater Scrutiny
Individuals and companies using tax havens will face greater scrutiny from tax authorities around the world, a body of representatives of those authorities said Friday.
National tax bodies will focus on sharing information and expertise over the next 12 months in an effort to stop tax evasion using these havens, the Organisation for Economic Cooperation and Development's forum on tax administration said.
"Those using offshore arrangements can expect greater scrutiny from revenue bodies around the world," the forum said in a communique following a meeting in Paris Thursday and Friday. "We strongly encourage all taxpayers utilizing such arrangements to openly discuss and regularize their affairs with the relevant revenue bodies."
The forum said its members, which include tax authorities from more than 34 countries, had committed at the meeting to ramp up efforts to improve tax services and compliance, strengthen oversight of tax matters at companies and aide the creation of efficient tax structures in emerging markets.
The group said non-compliance with national and international tax laws remains a "significant challenge" for the forum and its efforts to prevent, detect and respond to it will continue.
The move comes as pressure mounts on tax havens to increase their transparency and clamp down on tax evasion at a time when the finances of many countries around the world are under strain due to the financial crisis.
-By Adam Bradbery, Dow Jones Newswires; 44 20 7842 9305; adam.bradbery@dowjones.com
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