(Aug 14): By late 2018, the tax authorities of about 100 countries will be receiving information on offshore accounts held by their residents without having to specifically ask for it. In effect, it will further reduce the usefulness of companies registered in the Cayman Islands, or numbered accounts in Switzerland, to hide assets and avoid paying taxes. Some experts say this could fragment the flow of funds to offshore financial centres and result in more wealth being kept onshore.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe