Introduction:
United States based Financial Institutions International Monetary Fund and World Bank set to join with other International organizations to jointly work on tax related issues and develop new policies and standards to stop tax base erosion and evasion
Involving Organisations:
- International Monetary Fund
- World Bank
- United Nations
- Organization for Economic Cooperation and Development
Initiatives:
The mentioned initiative has been taken
- Due to announcement of “Panama Papers” which stirred fury at the widespread use of Tax Haven countries and Shell companies.
- And also globally wealth people and corporations to squander assets in order to avoid paying taxes.
- Recently in United States, there are spring meetings of Global Finance Leaders at the IMF and World Bank, they have pledged to start dealing with tax evasion and base erosion and penalize the defaulters and also to fight against exploitation of tax law and encourage the sharing of Tax Information.
- Finance Ministers and Central bank Governors from the G20 countries meeting in US also pledged to penalize the defaulting countries that fail to cooperate
About PANAMA PAPERS:
Set of 11.5 million confidential documents stating information about more than 214,000 offshore companies compiled by the Panamanian corporate service provider Mossack Fonseca, including the identities of company shareholders and directors.
Tax haven Countries:
Andorra, the Bahamas, Belize, Bermuda, the British Virgin Islands, the Cayman Islands, the Channel Islands, the Cook Islands, Hong Kong, the Isle of Man, Mauritius, Lichtenstein, Monaco, Panama, Switzerland and St. Kitts and Nevis
Heads and Capital of Organisations:
- IMF – Christine Lagarde, Washington
- WB – Dr. Jim Yong Kim, Washington
- OECD – Angel Gurría, Paris, France
- UN – Bank Ki Moon, New York
