TOWARDS THE END OF TAX EVASION
Fight against tax evasion to tax havens has raised 14,000 million euros, according to the OECD. The club of rich countries is estimated that this has occurred through the action of G-20 in the last two years. "This is an important contribution to fiscal consolidation," said the secretary general of the OECD, Angel Gurría.
The report highlights especially the fight against fraud in Italy, where 5,600 million has been raised since fall 2009, the United States (2,000 million) and Germany (1,800). Spain, meanwhile, have barely increased their revenue by 260 million.
"We're changing things," Gurria said in presenting the report, and placed the emphasis on changing the tax laws of 32 countries of the 59 examined by the Global Forum.
"The 14,000 million is the beginning," Gurria said, as he claimed the 700 bilateral agreements "are not applied yet and are not acting in the most effective way." In addition, there are cases of some covenants that are in place but do not work well, so that there is scope for further improvement, continued the Secretary General, who stressed that the aim is that information flows to ensure compliance with tax obligations.
FINANCIAL CONSUMER PROTECTION
Also, from the OCDE website reports that G20 finance :G20 finance ministers meeting in Paris have agreed new principles on financial consumer protection developed by the OECD.
The principles form part of a broader initiative by G20 leaders to strengthen trust and confidence in the financial sector, which is widely recognised to have fallen since the economic crisis.
“Without consumer trust and confidence we could jeopardise the basis for global economic recovery and growth,” said OECD Secretary-General Angel Gurría at a conference in Paris. “Individual households have had to bear the brunt of the consequences of this financial crisis. It has been a catalyst for developing new rules of the game to address financial governance and risks.”
OH YEAH! : Rule, maybe you should address Gurría regarding Law 57/68 and also coment with him on "daciones en pago rights" to those who were overlended during the crazy financial years.
“Financial consumer protection works best when accompanied by policies that promote access to affordable and appropriate financial products and services and through support for financial education and literacy interventions,” he said (Read the full speech).
These three pillars – protection, access, and education – should be integrated in the broader regulatory framework, alongside prudential regulation, governance and competition policies, the OECD said.
The principles were developed by the OECD at the request of G20 finance ministers in February 2011. They were developed in close co-operation with the Financial Stability Board, other international bodies and standard setters, and involved consultations with groups including consumer and industry associations.
Leaders will discuss the principles at the G20 Cannes Summit on 3 and 4 November 2011. “We believe that the G20 should continue putting an emphasis, not only on implementing the principles, but on forthcoming financial education issues,” said Mr Gurría.
More information on consumer protection is available at www.oecd.org/daf/fin/consumerprotection
More information on OECD work on G20 issues is available at www.oecd.org/g20
"Ojen", Malaga, Spain, by PILAR J, at flickr.com