EC leak major proposal to clamp down on offshore tax avoidance

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The European commission accidently leaked draft legislation for a blanket crack-down on any banks, accountants and law firms that facilitate offshore tax schemes in Europe. Brussels is due to publish proposals this week to make financial intermediaries automatically disclose any new international tax schemes being offered to partners or clients. The leaked details stated that those found to be planning or encouraging aggressive avoidance structures will have to file details with their local tax authority within 5 days.