Brief comment from Maitland on G20

Commenting on the G20 call for sanctions against tax havens, Steve Georgala, the Paris-based MD of Maitland, the international wealth and professional services firm, commented: “This crackdown on tax havens comes during a time of great uncertainty. Many international finance centres play an important and legitimate role in international finance and tax planning and long gone are the days of turning up on an island with a suitcase full of cash. However, the distinction has been blurred.

“International centres generally have much less complex tax structures and regulation, so enable greater access to neighbouring markets and important international money flows. By removing these benefits such transactions will suffer and come at a cost to private clients, corporates and the international financial system. For many private clients there are legitimate reasons for having banking discretion.

“Essentially it is about being tax compliant, and those who are unsure of their position should seek advice quickly from a trusted adviser. Depending on which jurisdictions the OECD identify, and how long they have to comply, clients may wish to adjust their finances so they are all in order and continuing to work efficiently.”