Tuesday, May 12, 2009

Argentina may take new action against tax havens

Argentina's Pagina 12 newspaper is carrying a story suggesting that the government is about to get tough on tax havens. Its subtitle says "In the next few days the government will issue a resolution which prohibits operations in tax havens." And the first line of the story says:

"The financial agents of the city will only be able to conduct operations with countries which hand over information about the counterparty. So tax havens and offshore-like places, which include Uruguay, will fall by the wayside."

This will affect stock exchange operating companies, investment funds and trusts, and the Central Bank is studying ways to make this applicable to other financial entities.

The automatic translation from Spanish gives an idea of what is happening though it is not an especially good translation; and there are some technical details which are beyond this blogger's Spanish-language capabilities. We hope to bring you more details in due course. In any case, this looks like an important development.


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