THE GUARDIAN: Paris thinktank says action against world's wealthiest people could plug gaps in public finances as G20 leaders agree new measures to stop tax evasion
A tougher crackdown on tax evasion by the world's wealthiest individuals could provide cash-strapped G20 governments with up to $100bn (£62bn) in much-needed tax revenue, the Organisation for Economic Cooperation and Development said on Thursday night.
The Paris-based thinktank told the leaders of developed and developing countries that they could fill black holes in their public finances and improve social cohesion by co-operating to remove tax loopholes and by exchanging information.
A survey of 20 rich and poor countries conducted by the OECD showed that earlier measures to deter tax evasion had resulted in 100,000 individuals paying a total of $14bn in unpaid tax on assets worth between $120-150bn.
Jeffrey Owens, director of the OECD's centre for tax policy and administration, said: "That is just the tip of the iceberg. There is probably $1tn in assets held offshore." » | Larry Elliott and Patrick Wintour in Cannes | Thursday, November 03, 2011
