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2013 Offshore Alert panel presentation; UK's G8 Agenda - tax, transparency and trade
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The G8 Agenda and TaxationDax Basdeo, Ph.D.
Chief Officer, Ministry for Financial ServicesCayman Islands Government
7 May 2013 | OffshoreAlert Conference | Miami, Florida
Global Context
• Financial Crisis• Global Economic Recovery• Multiple Agenda
– G20– G8– G0.7– EU– UN
The UK’s G8 Agenda
• Davos Speech (24 January 2013)
– Advancing trade (integration)– Ensuring tax compliance (tax evasion & aggressive tax avoidance)– Promoting greater transparency
(corruption / extractive industries)
• Communication with OTs and CDs (26 March 2013)
– UK FATCA, OECD Multilateral Convention– Revised FATF Standards– Anti-Corruption– OECD Multilateral Convention Multilateral Pilot (24 April 2013)
EU Agenda
• Communication: ‘Fight against tax fraud and tax evasion’ (27 June 2012)
• Action Plan (6 December 2012)
– Aggressive tax planning– Encouraging third countries
• ECOFIN (13 April 2013)
– Semeta: ‘The surge … in appetite for progress and action’
• Launch of Tax Good Governance Platform (23 April 2013)
G20: Automatic EOI• ‘We welcome and endorse the improved OECD standard
with respect to information requests’ (November 2012)
• ‘We reiterate our commitment to extending the practice of automatic exchange of information’ (February 2013)
• ‘We look forward to the OECD working with G20 countries to report back on the progress in developing of a new multilateral standard on automatic exchange of information’ (April 2013)
OECD & FATF• OECD
– Report on Base Erosion and Profit Shifting (February 2013)
– Report to G20 (April 2013)
– BEPS Action Plan (July 2013)
– Transparency Ratings (September 2013)
• FATF– Revised Recommendations (February 2012)
• CFATF reviews expected to begin in Q4 2014
– Revised Methodology (February 2013)
Jurisdictional Responses
• Luxembourg, Austria• Isle of Man, Guernsey, Jersey• Anguilla, Bermuda, BVI, Turks and Caicos,
Montserrat• Cayman Islands
Media & Public Opinion• Poverty vs. Inequality• Evasion & Avoidance• Optimisation vs. Aggressive Tax Planning• Data Leaks & Scandals• Scope of the Problem• Heart vs. Mind
Fair Share
• Blame?– Government / Tax Code– MNCs– Service Providers– Offshore Centres
• Benefits?– Taxpayers– Developing Countries