In response against tax evasion, David Cameron has asked the leaders of the overseas territories, UK to come to London later this month on the eve of the G8 Summit.
Having made tackling tax avoidance a key priority for the UK’s one-year term as president of the G8, the Prime Minister wrote to the leaders of the overseas territories, including jurisdictions such as the British Virgin Islands, Jersey and the Isle of Man, in May asking them to sign up to tax sharing agreements.
The Prime Minister plays a pivotal role in making rules and policies against tax avoidance in the UK during his one-year term as the G8. He also wrote to the leaders of the overseas territories, (the British Virgin Islands, Jersey and the Isle of Man), in May to sign up the tax sharing agreements. The leaders are also invited to London on 15th June.
A local newspaper reports that Cameron is heavily campaigning against tax evasion strategically and ensures to do as much as he can before chairing the G8 Summit in Northern Ireland.
Endeavours achieved by other pioneers till date
Tax transparency and information sharing has grabbed the attention of a number of leaders. There have many untold stories about the efforts of the pioneers who have strived hard for eradicating the social malaise named Tax evasion. The efforts against tax avoidance were not restricted within the geographical locations of the UK, but had also invaded the Europe and the USA. And the efforts haven’t gone in vain!
The overseas territories (the Isle of Man, Jersey and Guernsey) are all set to enact intergovernmental agreements with the US which is similar to the agreement signed between the US and key European countries in the year 2012
This intergovernmental agreement is based on the principles of FATCA. Recently the Cayman Islands have also agreed to sign the agreement regarding banking and tax sharing enacted jointly by the UK, Germany, Spain, Italy and France this April.
A lot has been done till date, and a lot has to be done yet!
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