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Purely Dominica

Purely Dominica

Over at BBC, 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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Comment by Paul
2009-04-03 02:54:33

you are right !!
In Europe on also here in Germany the thinking is that one should not blame the so called tax havens for the financial problems of the world. Its the US and their former administration.
By the way there are also tax havens in the US (Delaware … ) but no one talked about that.

Comment by Greg
2009-09-14 00:10:58

Do people have any idea how dangerous it is for people of wealth to live in countries outside of the G20? If OECD has it’s way, the finances of wealthy individuals, and even individuals of moderate means, will be made known to their corrupt governments, which WILL result in more blackmail, extortion, kidnappings and murder. Tax havens don’t just protect people’s privacy; for many folks living outside the G20 countries, tax havens protect their LIVES. Tax havens are a scapegoat. Did any of these financial problems start in a tax haven jurisdiction? NO! it started in the US, UK, and European financial centers. Pushing this new system on countries that had no part in the mess is economically damaging (by reducing tax competition) and morally irresponsible. In fact it’s really quite arrogant if you stop to think about it.

Comment by Ed
2010-06-27 17:46:29

America has not fought two unnecessary wars. Saddam Hussein had to be destroyed so that iraqui people taste the freedom you have in the Caribbean and ignore it.

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