Latest tax and investment news
Amnesties 'underline increasing pressure on tax evaders'
Tax amnesties around Europe have raked in a substantial amount of money for their respective governments, according to reports, which may interest those involved in offshore tax planning.
A recent article in Wealth Bulletin points out that the French tax amnesty, which was due to close at the end of 2009 but has now been extended, has recovered more than €500 million (£438 million) from approximately €3 billion (£2.6 billion) that has been repatriated.
Italy's tax amnesty has been particularly lucrative, attracting around €5 billion (£4.3 billion) in taxes under an anonymous scheme that charged a five per cent levy, compared with the UK's ten per cent rate which has enjoyed less success.
Fiona Fernie, tax investigations partner at accountancy firm BDO in London, told the website: "The tax climate is becoming harsher generally and the authorities have made it very clear that people who do not come forward will be penalised."
The UK's New Disclosure Opportunity, which gave those using offshore tax planning services the chance to make a full disclosure of their assets, ended on January 4th.
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