Friday, January 21, 2011

Top Spanish tax agent says OECD TIEAs are feeble

The New York Times is carrying an interesting report noting not only that Spain’s efforts to clamp down on fiscal fraud yielded a record 10 billion euros last year, but also, perhaps equally strikingly, carrying some comments from Juan Manuel López Carbajo, head of the Spanish tax agency.

On the subject of Tax Information Exchange Agreements (TIEA's), he cautions against expectations that they would yield vast additional revenues for Spain:

"These accords were signed under huge international pressure and because the countries wanted to improve their image ... I have no doubt that these countries will continue to resist full cooperation as hard as possible, so we must really ensure that the end result is not that they get a better reputation without actually handing over a lot more information."

Absolutely, bang on the button - and just as we have been saying.

Hat tip - Chris Jordan.


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