LONDON – The Philippines was among four nations blacklisted as uncooperative tax havens yesterday after Group of 20 leaders declared the age of banking secrecy was over and said they would no longer tolerate shady havens draining away badly needed tax revenue.
At the request of the G20 summit of rich and developing nations, the Organization for Economic Cooperation and Development (OECD) named the Philippines, Uruguay, Costa Rica and the Malaysian territory of Labuan as the worst offenders, saying they had refused to adopt new rules on financial openness.
The announcement reflects mounting concern that banking secrecy in tax havens has helped to worsen the economic crisis by disguising the true value of some global assets. Anti-poverty activists say such places provide corrupt officials places to stash illicit funds, often depriving poor nations of needed resources.
The problem I have with the “Open Book” policy is governments misusing information for personal gain. Also where would personal taxes stand if for example I had 20 apartments in Cebu giving me an income of around £20,000 per year I pay 12% tax in the Philippines would the UK then be expecting to rip me off for taxes on businesses that are offshore? Maybe build it into my tax code in the UK for when im working there so im taxed to death (Sorry they already do that at 40% of my income!)
I believe personally its nothing to do with anti-poverty but plain old tax getting every last coin out of pockets where possible. But also opens the door for other things such as child maintenance (because they now know you have earnings abroad). Maybe later will introduce the ability to chase peoples debts for those of us that were close to bankruptcy im not sure how far they are looking to push things but like most things we are sold the shiny version not the dark and truthful version. Ok the UK and the U.S. have messed up the economies to the point we might even be talking decades to repair but do they think robbing overseas people will make any difference except spending more money on mistakes they still havent worked out there is no solution but to wait.. Also the fact they are pushing the fact it has helped to worsen the economic situation. Truth is its all come about from over spending and over valuing goods and properties. No short-term fix and no robbing overseas people will make a difference. Ok we all know people hide money in foreign bank accounts but generally its already been taxed unless its coming from overseas work and in that case what right does the UK or US have to your money you havent earned it there and infact for example myself I wouldnt have paid tax or infact paid into the benefit system in the UK because I wouldnt be using it either. Maybe there is some good to this.. maybe I can claim unemployment benefit in the Philippines and sit on my backside all day…lol (but i very much doubt there is any benefit to anyone).