June 18, 2013Dear Sir,There is an absolute difference between tax avoidance and seeking a tax advantage. In the scheme of free enterprise seeking an international tax advantage is a market issue, much as seeking cheaper labour or better business or industrial environment location and accessibility. There have been times, more glaringly in the past, when the rule of private enterprise has been impinged upon by governments.Clearly there needs to be guidelines and laws to prevent those who seek jurisdictions purely to avoid tax or to hide illegal gains. However the line must be clearly drawn between avoidance and tax advantage. There can be no imperial intruder nation or nations who demonise or seek to regulate the tax structure of small jurisdictions for their own benefit and to the detriment of the smaller nations. There was a time when Bermudians could not own their own vessels to trade goods. Similarly there was a time in the Americas when the tallest trees were the preserve of the Queen and the taxes levied on American commerce decided by the British Parliament. Times have changed but the principle has not. The larger nations have presumed the position of “Godfather” of the economy.If being “Godfather” means there is an assurance of mutual survival and progress, than it should be welcomed and supported. However the rhetoric going into the G8 summit has not engendered the feeling among the territories of mutuality, conversely the sense has been that G8 want outsiders’ compliance to their economies and wish, if they could, to retain businesses on their soil by finding the legal means of pegging them to their local economies. Freedom is an essential for economic growth. Less restrictions on movement of capital creates growth globally by opening new markets. Broadening the global economy and diversifying financial networks. Opening overseas markets has the potential of expanding local industry.Agreeably there needs to be transparency and I could only add, there needs to be intellectual honesty along with it. Bermuda needs to advertise its position on transparency and perhaps show the global comparisons. A new construct between larger and smaller nations is needed in order to have a level playing field for all the citizens of the world. This premise must be understood and initiated by an informed and united small nations coalition.KHALID WASI