In the upcoming G20 summit in September in Pittsburgh, and Elisabeth Guigou Daniel Garrigue come to deliver a report on the fight against tax havens. Only watchwords for members: transparency and sanctions. Harmonize taxation within the European Union, automate trade information, punish non-cooperative countries ... This is essentially what the report calls the fight against tax havens and offshore centers made Wednesday by Elisabeth Guigou and Daniel Garrigue. Both members and members of the European Affairs Committee of the National Assembly to call not to let down our guard in the fight against these "black holes of the international financial system", says Elisabeth Guigou. Socialist deputy of Seine-Saint-Denis and recalled that in these Eden tax, nearly 10,000 billion transited each year, almost half of global financial transactions. From
How to sound the alarm on the need to act quickly against "delinquents country." The stated goal is the next G20 meeting to be held on 24 and 25 September in Pittsburgh, USA.
lists not strict enough
Heads of State and Governments had voted in London at the G20 last April, for better international supervision, a lifting of bank secrecy and the establishment by the Organisation for Economic Cooperation and Development (OECD) lists white, gray and black listing uncooperative jurisdictions in criminal and tax. But if the initiatives are good, it lacks effective coordination to achieve international cooperation.
The output of such list is too easy according to Elisabeth Guigou, "just as the countries listed verbally committed to apply the conventions to which the kind of list. It's a little easier as a system. It be the "de-list" only after the establishment of a true fiscal transparency. " And the facts seem to prove him right since the four countries "black listed" by the OECD, namely Costa Rica, Uruguay, Philippines and Malaysia have been delisted after pledging to make "effort" for the exchange of tax information.
A lack of tax harmonization
competition in taxation between European states is also particularly referred to in the report Guigou-Garrigue, which calls for tax harmonization in Europe. An "overhaul" of the system would then allow to better regulate and supervise the finance at European and international scale. In Focus, hedge funds, hedge funds above the money market itself protect the vagaries of that market. A European directive, which was considered scandalous by Daniel Garrigue do not submit to disclosure or transparency obligations, allowing them to pass without being subject to any regulation: "It is outrageous to give a passport to tax havens to spread their products on European territory "said the member of the Dordogne emphasizing the need for transparency.
An uncertain lifting of bank secrecy
Switzerland imposes strict rules to access the list of its banking
In theory, the G20 in London ended the era of bank secrecy. In practice, many countries still practice it. He entered reset Swiss law in 1934 which said that its violation is a criminal offense. The parliamentary report that secret pin as "impossible to establish the tax, protect savings and allow justice to intervene." Thus, to obtain information on the banking and financial transactions based in Switzerland, the authorities must formulate a very specific request "with the name of the suspect, the bank and almost the reason for the request. The use of the information is then very limited, "said Elisabeth Guigou. Socialist regrets the lack of centralized information and preaches for automation collection and exchange of tax information and criminal. Public authorities could access it easily and thereby exercise greater oversight.
The absence of meaningful sanctions
The report calls for sanctioning countries that refuse to cooperate or continue to leave little or transit capital not subject to taxation. A measure that would give pause to the most recalcitrant states. But even the MPs' report is unclear on this issue. If talking about sanctions, it does not detail and does not indicate how high and how States could be "punished". Elizabeth Guigou nevertheless clear that, on this issue, "it is for authorities to decide and G20 to list the sanctions. But it is possible to prohibit banks regulated countries to make trade with these countries Offenders ".
France must put its own house
The report finally calls to ensure that France becomes flawless in fiscal transparency. However, all major banks, including the French, have settlements in tax havens and offshore centers, which was alone, according to the bank host 4000 International Monetary Fund (IMF). These settlements represent, in the Commission Bank, 160 subsidiaries and 84 branches across other, Luxembourg, Belgium, Switzerland and Singapore.
question is whether the political will dare ask them to stop transactions and distributions of capital to these centers protected.
Florence Méréo
Source: Lexpansion.com
( http://www.lexpansion.com/economie/actualite-economique/les-mesures-contre-les-paradis-fiscaux-passees-au-crible_190611. html )
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