News
Crackdown on tax evaders in 30 countries
01 June, 2009
The Financial Times has reported that a global crackdown on tax evasion by wealthy individuals was been launched in 30 countries.
At a meeting in Paris recently tax official promised greater scrutiny of individuals who used arrangements to hide money offshore; however OECD reports showed that the wealthy were paying their share.
The crackdown on tax avoidance by wealthy individuals, is in part due to a general perception that rich people should be under the greatest scrutiny by the authorities, as they pay the least tax.
However, an OECD report on compliance by wealthy individuals partly rejected this statement and it named data that showed the wealthiest 0.5 per cent of taxpayers in the UK paid 17 per cent of income tax. Whereas in the USA the tax burden of the wealthy was even higher as they were responsible for approximately 40% of federal income tax.