Posted: 10/29/2014
Trigger
Just read “50 Staaten schaffen Bankgeheimnis ab”. Here is a Reuters article about the Berlin tax conference 2014. Both articles, regrettably or deliberately, tell us little about the details.
This is probably one of the most shocking news that unfortunately most citizens of the Western world will not care about although it is of paramount importance to each one. It’s about our money!
I do not yet fully understand the implications nor the exact terms of this new international tax agreement.
Totally Pales Edward Snowden
Whatever Mr. Snowden has revealed so far about the activities of U.S. intelligence services this is almost completely negligible.
All the hysteria of a loss of privacy on the Internet is dwarfed by these news!
A New Far Reaching Tax Agreement By OECD
Apparently, as of today 51 countries have already signed this new international tax agreement to allow for more extensive and comprehensive exchange of tax relevant information between national tax authorities.
The U.S. and FATCA (Foreign Account Tax Compliance Act) is reported to be a driving force behind this euphemistically called transparency and tax fairness.
Simply Lower Taxes
The best and cheapest way to reduce tax avoidance and tax evasion is to maintain low taxes. It is that simple!
The tax burden in most Western countries is way too excessive and burdensome. It is a form of expropriation or theft committed by government! When taxes become confiscatory, then evasion of taxes is a legitimate response by citizens! I have blogged here about this subject of taxation several times.
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