Argentina and Monaco have signed a tax accord that enables them to share information on tax matters in line with the standard OECD terms, according to an announcement by Argentine finance minister, Ricardo Echegaray.
"We're going to go looking for hidden accounts because it's time to demand payment from the large undeclared taxpayers," Echegaray said.
In September a tax amnesty scheme aimed at enticing home undeclared assets and regularizing the black economy ended after bringing in ARS33bn (USD8.3bn) in extra revenue, beyond expectations. Argentines are still thought to have over USD100bn in funds invested privately overseas.
Similar tax accords should be signed in due course with the Cayman Islands, Andorra, Liechtenstein, Italy, the Netherlands Antilles, Jersey, Costa Rica, and Gibraltar. Switzerland has agreed in principle to amend an existing double taxation agreement to include exchange of information on tax matters.
However, the USA, where it is thought the majority of Argentina's undeclared overseas bank accounts are located, signed a double taxation agreement in 1981 with Argentina which was never ratified.
A comprehensive report in our Intelligence Report series, examining in depth the situation of offshore transparency and secrecy in a number of the most prominent jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report2.asp
Network Tweets Archive
| Resources | Partners
| Site Map | Links
| Newsletter
Archive | Contact
| RSS Feeds
About | Syndication |
Advertising & Marketing |
Recruitment |
Terms & Conditions |
Privacy
Copyright © 2012 - All Rights Reserved - Tax-News.com
All content provided by BSI Media
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment