Tax havens will end in 2018, says OECD
Tax havens will no longer exist in five years as a result of sweeping rules to combat tax abuse, a leading global think-tank has said.
Grace Perez-Navarro, of the Organisation for Economic Co-operation and Development (OECD), which is leading a crackdown on tax avoidance and evasion, said that banking secrecy offered by tax havens would be destroyed as a result of “unprecedented” co-operation among nations.
On Wednesday, 51 countries including Anguilla, Aruba, Guernsey and Luxembourg, signed an agreement to automatically exchange financial information by 2018. The Bahamas, Vanuatu and Panama were among only five countries that declined to sign up.
