UK deal on Caribbean tax havens boosts prospect of EU-wide crackdown

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Series Details 02.05.13
Publication Date 02/05/2013
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The United Kingdom's Overseas Territories bowed to pressure for greater tax transparency in May 2013, in a move the UK government hailed as 'a turning point in the fight against tax evasion and illicit finance'.

The HM Treasury announced that Anguilla, Bermuda, the British Virgin Islands, Montserrat and the Turks and Caicos Islands have followed the Cayman Islands by agreeing to share information automatically with Britain, France, Germany, Italy and Spain.

The Isle of Man, the first non-US jurisdiction to agree to greater exchange of information with the UK, has agreed to join the multilateral initiative. Guernsey has also expressed a 'clear' interest. It, along with Jersey, has already agreed to exchange tax information automatically with Britain.

On the 20 May 2013, ahead of the European Council meeting in Brussels, Prime Minister David Cameron called upon Britain's overseas territories to "get their house in order" over the sharing of tax information, and told business leaders to stop using “smoke and mirrors” to avoid paying taxes.

Source Link Link to Main Source http://euobserver.com/economic/120016
Related Links
ESO: Background information: Europe plans action on corporate tax avoidance http://www.europeansources.info/record/europe-plans-action-on-corporate-tax-avoidance/
BBC News, 02.05.13: British territories sign deal on tax information http://www.bbc.co.uk/news/business-22374923
EurActiv, 02.05.13: Under EU pressure, British overseas territories sign tax evasion deal http://www.euractiv.com/euro-finance/british-overseas-territories-sig-news-519468
European Commission: DG Taxation and Customs Union: Taxation: Fight against tax fraud and tax evasion http://ec.europa.eu/taxation_customs/taxation/tax_fraud_evasion/index_en.htm
UK: HM Treasury: Press Release, 02.05.13: Chancellor welcomes huge step forward in global fight against tax evasion https://www.gov.uk/government/news/chancellor-welcomes-huge-step-forward-in-global-fight-against-tax-evasion
OECD: Tax: Global Forum on Transparency and Exchange of Information for Tax Purposes: Exchange of Tax Information Agreements http://www.oecd.org/tax/transparency/exchangeoftaxinformationagreements.htm
BBC News, 20.05.13: David Cameron warns overseas territories on tax http://www.bbc.co.uk/news/business-22592662
UK: Prime Minister's Office, 10 Downing Street: Press Release: G8: PM writes to crown dependency leaders https://www.gov.uk/government/news/g8-pm-writes-to-crown-dependency-leaders
EurActiv, 21.05.13: Cameron tells territories, businesses to come clean on tax http://www.euractiv.com/euro-finance/cameron-asks-overseas-territorie-news-519847
ESO: Background Information: European Council, Brussels - 22 May 2013 http://www.europeansources.info/record/european-council-brussels-22-may-2013/
ESO: Background Information: Cameron urges EU leaders to reach decision on tax evasion before G8 http://www.europeansources.info/record/cameron-urges-eu-leaders-to-reach-decision-on-tax-evasion-before-g8/
ESO: Background Information: Top five EU states push for tax transparency http://www.europeansources.info/record/top-five-eu-states-push-for-tax-transparency/
EUObserver, 21.05.13: British PM tries to break deadlock on tax havens http://euobserver.com/economic/120179
El País, 21.05.13: Treasure island caught in the searchlight (via PressEurop) http://www.presseurop.eu/en/content/article/3794581-treasure-island-caught-searchlight
Website: Tax Justice Network http://www.taxjustice.net/cms/front_content.php?idcatart=2&lang=1
BBC News, 28.05.13: Google's Eric Schmidt 'perplexed' over UK tax debate http://www.bbc.co.uk/news/business-22676080
EUObserver, 17.06.13: EU tax havens under pressure as leaks go public http://euobserver.com/economic/120509
BBC News, 15.06.13: 'Tax havens' agree to clampdown on tax avoidance and evasion http://www.bbc.co.uk/news/uk-politics-22915954

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