OCV Australian banks resist global tax crackdown Date August 31,...

OCV Australian banks resist global tax crackdown
Date August 31, 2014
Georgia Wilkins, James Massola

Australian banks are stalling on a deal that will help expose tax evaders to global authorities.
Australian banks are stalling on a deal that will help expose tax evaders to global authorities.
The information sharing deal, part of the G20 talks in Australia this year, requires banks to pass
on information about their customers to the Australian Tax Office.

The deal has been signed by more than 40 countries, including Britain, the US and tax havens
such as the British Virgin Islands. Australia has signalled it will implement the deal but is refusing
to make a firm commitment before consulting with business.

In a submission to the Treasury, the Financial Services Council, which represents the big four banks
through their financial planning arms, said complying with the new rules would create significant costs to members,
which would then be passed on to customers.

Read more: http://www.smh.com.au/business/bank...-crackdown-20140831-1084b2.html#ixzz3C6QUl3KB
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