Apologies for the lack of posts. The end of the tax year has once again taken its toll on our time.

Tax has been getting a great deal of press coverage recently, as the G20 met in London to discuss how it was going to deal with tax havens amongst other things.

Due to the pressure Uruguay, Costa Rica, the Philippines, and Malaysia, the last four countries on a blacklist of uncooperative tax havens have finally agreed to cooperate with tax auothirites around the world.

A number of other countries  including Luxembourg, Switzerland, Austria, Liechtenstein, Monaco, Andorra, and Singapore moved quikcly earlier this month to ensure that they were not added to the blacklist and instaed placed on a “grey list”.

The G20 countries threatened the use of sanctions against blacklisted tax havens in their meeting. Potential sanctions for transgressors include extra audits of those who use tax havens and curbs on tax deductions claimed by businesses using the territories.

This is definietly a step forward for transparency and openess from some of the most secretive countries in the world.

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