Wednesday 25 April 2018

Cameron to take on UK tax havens

David Cameron
David Cameron

Daniel Boffey

David Cameron has secured agreement from Britain's overseas territories and Crown dependencies that they will sign up to a new clampdown on tax evasion.

On the eve of the G8 summit, leaders agreed at British government talks to a series of actions aimed at promoting transparency and exchange of information between tax jurisdictions. Developing countries will now be able to request information about companies registered in British tax havens, such as the British Virgin Islands and Bermuda.

However, campaigners gave only qualified support to what Mr Cameron agreed yesterday, after he said in an interview with the London-based Guardian that a new register of beneficial ownership revealing the identity of companies with cash in tax havens would not be open for public scrutiny.

It is feared this will mean that the developing world will only be able to access information from the tax havens if a specific request is made.

Melanie Ward, spokeswoman for the Enough For Everyone If campaign, which seeks to tackle poverty, said the UK needed to have higher aspirations at the G8 summit in Lough Erne, which starts tomorrow.

© Observer

Irish Independent

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