“The higher races have a right over the lower races. They have a duty to civilise the inferior races”. These are the words of Jules Ferry, a leading 19th century proponent of French colonialism. It seems from the extraterritorial expansionist intentions of the EU, now championed by EU Tax Commissioner Pierre Moscovici that, certainly in terms of French thinking, very little has changed in two hundred years. And so, offshore financial centres, having received no credit whatsoever for establishing state-of-the-art transparency on tax matters through FATCA, the OECD promoted Tax Information Exchange agreements (TIEAs) and proactive tax reporting pursuant to the Common Reporting Standard (CRS), find the goal posts moved once again.
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