G-20 Leaders Blacklist 4 Tax Haven Nations, Including Pi

[TheMason]

Does China have tax havens where westerners can hide their money?

China got on board with the tax haven initiative on the condition that Hong Kong and Macau were NOT categorized as tax havens. I don't know enough about either place to tell if their exclusion from the list of tax havens was legitimate or not. However, since the Chinese only agreed with this precondition it makes it appear that they are tax havens to some degree.

[mike]

Does China have tax havens where westerners can hide their money?

China got on board with the tax haven initiative on the condition that Hong Kong and Macau were NOT categorized as tax havens. I don't know enough about either place to tell if their exclusion from the list of tax havens was legitimate or not. However, since the Chinese only agreed with this precondition it makes it appear that they are tax havens to some degree.

Hong kong and macau both retained their pre unification tax status and did not fall into line with the main land tax regime. The Chinese realised that to mess around with two such successful business models was just to stupid. Instead they are trying to bring the mainland in to line with HK and Macau parctices which are both accepted under international law.The main question raised against China was not having a harmonious tax system over all its territories, not so much a haven as a differential that is being brought closer into line as they see what works well and retain it and change the mainland accounting system to go with it.

[johnrxx99]

The tax haven blacklist is comprised of countries, if you can call some of them that, which do not reply to reasonable requests for information about named individuals. HK and Macau, as far as I am aware, respond and therfore not blacklisted.The Philippines is blacklisted because, from a US perspective, I assume it is to do with Filippino dual citizens or just American citizens with Filipino family who bring money back here to hide it from the IRS.Will this affect US relationships and IMF development loans? Who knows but when the US gets its teeth into something it usually gets its way.