Friday, November 27, 2009

Austria attacks channel island trusts

As International Adviser notes:

"Ahead of December 2’s ECOFIN meeting of European finance ministers, at which political support for changes to the EU Savings Directive will be sought, Josef Pröll (Austria's finance minister) is said to have demanded action against trusts, and singled out the Channel Islands in particular for being responsible for helping mask the identity of settlors – those who set up the trusts – and therefore evade taxes."

When it comes to secrecy, Austria is a fine one to talk. But we don't disagree with Pröll here. Trusts are vastly important, and in many cases vastly pernicious. Read more about trusts here. And read more about Austria's Treuhands here.

Hat tip: Tax Research

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