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Over at BBC Caribbean.com, is an ongoing discussion on the issue of Tax Havens in the Caribbean and the new financial systems proposed by the G20 countries.

The world’s leading economies – the G20 – have offshore financial centres in their sights as one of the agenda items at their Thursday Summit.

Britain’s Gordon Brown and Australia’s Kevin Rudd are proposing a new global financial system in the bid to tackle the global financial downturn. Both prime ministers have suggested that the new system should be based on the moral values of hard work, honesty and fairness.

Offshore centres across the Caribbean have responded indicating their level of transparency and some complaining about a scapegoat exercise at the G20.

Here are some of the Issues faced by Tax Havens in the Caribbean:

  • Is a new banking system required?
  • Should there be more scrutiny of offshore financial centres?
  • Do financial centres in developed countries also have to open up their books more?
  • Without financial centres, what do the relevant countries do instead?
  • Who defines a “tax haven”?

==============My Personal Opinion==============

Personally, I believe the tax havens in the Caribbean are being used as scapegoats for the failings of the other financial centers while New York and London protected their own financial environment. If anyone has to be blamed – all hands should be pointing at America and the former Bush administration – fighting two unnecessary wars and running a financial sector totally on credit. GIVE ME BREAK!

Have your say about the new financial system proposed by the G20 countries in the comments below.

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British Airways today launched what it said is its largest ever ticket price sale, with discounts offered on over four million seats. The latest ‘World Offer’ from the airline runs until January 27 and covers 140 destinations as far flung as Delhi, Cape Town, the Caribbean and Australia.

Rival bmi launched its own sale last week and also cut prices with immediate effect on flights out of Manchester. The offer applies until January 15 and includes tickets to America and the Caribbean, including both Chicago and Barbados from £299.

Airlines have know choice but to cut Ticket prices due to the fact that they failing to fill their seats and partly partly to competition but also an increasing resistance among environmentally aware travelers to book unnecessary weekend breaks.

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