Offshore News: April 2009

16.04.2009 After the G-20 summit in the beginning of April, the Organization for Economic Co-operation and Development (OECD) published the progress report where classified financial centres by their compliance with the “internationally agreed tax standards”. Many countries, among them Switzerland, Luxembourg and Belgium, were included on the so called “grey list” as the jurisdictions that have appropriately implemented international standards regarding taxation.
Although the government of Switzerland reacted negatively to its placing on the grey list, there was an increase in number of Suspicious Activity Reports (SARs) issued by the Swiss Federal Department of Justice and Police (FDJP) in connection with money laundering.

22.04.2009 The Tax Foundation issued Survey of US Attitudes on Taxes, Government Spending and Wealth Distribution for 2009. If compared to the survey of 2007, when it was conducted last time, this survey included three new questions on wealth redistribution, taxes on food and drink, and government-run gambling operations.
The 2009 poll of tax attitudes showed that American opinions on tax issues have not changed since 2007, when the survey was conducted last time. According to it, a majority of US adults still believe that the federal income taxes are too high. Most respondents say the federal tax code is complex, and say that the tax system needs to be completely overhauled or needs major changes. The estate tax is seen as the most unfair federal tax, and two-thirds of respondents favor a complete elimination of it.
The report summarized the findings of a survey done on behalf of the Tax Foundation from February 18-27, 2009.