Drug smugglers and third-world dictators laundering ill-gotten wealth through secretive banking systems in tax havens is an anachronistic image from crime novels. Leveraging US' remarkable success in compelling tax havens to block terrorist financing, the G20/oecd have successfully persuaded tax havens to improve tax transparency and participate in an international regime of information exchange.  All tax havens have committed to oecd standards for tax transparency and are executing Tax Information Exchange...

-PTI In order to guard against possible leakage of names figuring in the secret bank accounts lists it has received from foreign shores, the Central Board of Direct Taxes CBDT has ordered the I-T department to obtain a signed undertaking from any government entity or department who demands the data for their own probe. The CBDT fears that if these names are leaked and they are publicised, global financial bodies like oecd...

What is common between Brazil, Russia, India and China? That’s easy. They are the so-called BRIC countries. But, what is common between these BRIC countries and other emerging economies such as Indonesia, Argentina and South Africa? The answer: inequality. This disconcerting connect between these emerging economies is the focus of a report released last week by the Organization for Economic Cooperation and Development (oecd), the think tank for the club of...

-BBC   Inequality in earnings has doubled in India over the past two decades, a new report says, making it one of the worst performers among emerging economies. The Organisation for Economic Cooperation and Development (oecd) says the top 10% of wage-earners make 12 times more than the bottom 10%, compared to six times 20 years ago. The oecd says India has the highest number of poor in the world. Some 42% of its 1.21...

-PTI   India has become "less equal over time" and earningsinequality in the country has increased significantly since the early 1990s, Paris-based think tank oecd said today. The observations are a part of oecd's report focusing on inequality patterns and related policy challenges in the emerging economies of India, China, Argentina, Brazil, Indonesia, Russia and South Africa The Organisation for Economic Cooperation and Development (oecd) is a 34-member grouping of mostly advanced nations, that...