The net is closing on tax avoidance and evasion by wealthy individuals in a recently launched worldwide crackdown. At least 30 countries have declared their intention to work together in the joint pursuit of those hiding money in offshore accounts.
The tax authorities said that there are ever greater opportunities for aggressive tax planning available to the wealthy which poses “a major risk” to revenue bodies. It was cited that up to 70% of Britons who fall in the very wealthy bracket ( approximately half a million) use the services of a financial expert.
(See also our articles on the IRS offensive against hidden offshore accounts, the UK HMRC's NDO and LDF and Italy's tax amnesty.)
