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G20 declare war on tax havens

The G20 have today issued a stern warning to tax havens around the world with a promise to name and shame those who do not abide by international taxation standards. The situation was brought to the attention of the UK population some weeks ago when Gordon Brown announced a number of agreements with overseas countries to shop those looking to "avoid tax". However, the G20 announcement supersedes this and is sure to result in a significant shakeup of the worldwide tax regime.

In partnership with the OECD the G20 have agreed to rank countries in specific groups depending upon their level of corporation with worldwide taxation standards. Those who have implemented the standard to the full include the likes of Britain, the US, France and China while at the other end of the scale countries which have not committed to the standard include the likes of Costa Rica, Malaysia and Uruguay.

While in some ways this may seem of little consequence, in the long run it will impact upon trade between countries who do and countries which don't abide by international taxation rules. It will also close a number of doors for the rich and famous around the world who often hold their funds in offshore havens.

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