Shift in Tax Havens

Ms. Jaya Kamlani from USA:-

Dear Milap,

According to the article appended below, since Swiss banks came under global scrutiny recently, Cayman Islands has now become the top tax evasion haven in the world.

The article also mentions, “Over the years, the Swiss government has also skillfully doled out intelligence dollops to its American counterparts to keep the U.S. government from pressing too much.”…. If this is happening in America, I suspect it is happening in India as well.  That’s why you don’t hear of the Indian government taking much action to uncover the tax evasion fraud.

Looks like U.S. is losing the battle against tax evaders, as the Swiss banks have refused to cooperate.  The article states: “The federal investigation into UBS, which led to a $780 million fine and an agreement to turn over the names of more than 4,450 suspected tax cheats, is now in tatters after Swiss courts ruled against the executive-branch deal.”

Regards,
Jaya Kamlani, USA

http://www.time.com/time/world/article/0,8599,1968425,00.html
or
http://www.time.com/time/world/article/0,8599,1968425,00.html#ixzz0hLttOBGj

“Even After UBS, Swiss Continue to Fight for Bank Secrecy”

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