Brown in tax loophole crackdown
The world's richest nations are cracking down on tax havens in a bid to maximise their revenues during the credit crunch. Gordon Brown is at the forefront of the move to close the loopholes that cost governments billions in lost revenues every year.
The British PM will tour the EU garnering support for his plans ahead of the G20 summit in London this April, reports the Guardian.
He is thought to be particularly interested in the case of Switzerland. His stance echoes that of Barack Obama who also pledged to crack down on offshore tax havens during the presidential election in America, and singled out the Cayman Islands during his campaign. Governments are particularly keen to maximise their revenues as they commit billions to public spending projects in a bid to stimulate their economies in the face of the worldwide economic crisis.
HM Revenue & Customs estimates that the use of offshore tax havens costs the exchequer anything between £3.7bn and £13bn a year.
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