Japan has struck basic agreements with Switzerland and Bermuda to exchange information on tax matters, signaling a strong commitment to improving regulation and preventing a repeat of the financial and economic crisis that struck in 2008, Finance Ministry officials said Friday.
With Switzerland, Japan already has a tax treaty that helps to avoid double taxation and reduces taxation on investment income.
But the current treaty doesn’t allow authorities to obtain information on potential tax evaders.
Tax havens in Europe and the Caribbean have come under strong pressure since the global economic downturn erupted last fall.
In April, leaders from the Group of 20 major developed and emerging economies agreed in London on the importance of governments working together to investigate international tax abuse through greater transparency.
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