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 â€“ 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.