U.S. withholding policy: don't ask, don't tell, part 2.

Australasian Business Intelligence, May, 2006

Byline: Lee A. Sheppard

May 25, 2006 (Tax Notes International - ABIX via COMTEX) -- Offshore tax and banking havens prevent a large slice of tax revenues going to Western economies. However, authorities will not touch them because too many powerful people are involved, according to University of Missouri economist and historian Michael Hudson. He has written a scathing expose of the tax-haven industry, "An Insider Spills the Beans on Offshore Banking Havens". Hudson traces the origins of the schemes to the oil industry. He shows how the havens established bank secrecy to attract flight capital. Hudson says major trading countries could eliminate the problem by collectively agreeing not to recognise money transfers to or from the countries involved or to...

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