Guardian.co.uk, 28 Nov 2008, Reuters
ZURICH, Nov 28 (Reuters) - Offshore centres that attract untaxed wealth from developing countries are depriving poorer nations of revenues they need to weather the global economic crisis, a top OECD official said on Friday.
Governments in advanced economies such as the United States and the European Union are toughening their stance against tax dodgers in a bid to catch as much taxable income as possible in their net.
But developing countries with less sophisticated tax authorities and few resources are finding that task much harder.
An attempt by the EU to extend its savings directive to non-EU jurisdictions may challenge Singapore, according to Owens. "The political climate is changing and I do not think that Singapore is correctly reading the political signs that a change is about to come," he said.
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