Wednesday, May 13, 2009

Carl Levin on automatic exchange of information

We have been banging on about automatic exchange of information for some time. We've just spotted this from US Senator Carl Levin, from last week:

"The Administration may want to consider finalizing a regulation proposed by the Clinton Administration years ago. That regulation would allow the United States to engage in automatic information exchanges of account information with countries on a reciprocal basis for tax enforcement purposes. Right now, the only automatic tax information exchanges we engage in are with Canada. A lot more countries may be willing to participate. The resulting account data could produce new information identifying U.S. tax dodgers."

Now let's hope this makes progress. OECD, take note. There is, as we've said, far from universal endorsement of your feeble exchange-on-request model as you seem to think.

"A lot more countries may be willing to participate," Levin said. Hands up, anyone? Germany? France? Britain? The European Union? South Africa? Brazil? India? The Isle of Man? Let's get this ball rolling.

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