Taxing Havens

With all the financial and industrial mayhem underway, it is a bit surprising that the G-20 communique harps on about cracking down on tax havens. Yes, the summit named and "shamed" four jurisdictions that were deemed uncooperative by tax authorities fishing for details. Bet you can name them...

Drumroll - the list of shame is...the Philippines, Uruguay, Costa Rica and Labuan? Eh? Perhaps the places where second rate arms dealers bank, but hardly a hotbed of tax sophistication. Rather than focus on marginal tax avoidance, perhaps the G-20 governments should clean up their balance sheets, before they start to look like the failed firms they have been bailing out.