TaxAdministrationPacts leave tax evaders nowhere to hide

Pacts leave tax evaders nowhere to hide

Agreements signed by several offshore financial centres leaves UK tax evaders nowhere to hide

Under tax agreements signed by several offshore financial centres with close
links to the UK, suspected tax evaders are under increased risk of facing
exposure.

The British Virgin Islands, a British overseas territory, is the latest
country to sign a tax information exchange agreement with the home country,
following a similar deal on Monday with Australia, the Financial Times
reports.

Jersey, a crown dependency, made a tax information exchange agreements with
seven Nordic countries on Tuesday, after making deals with the US, Netherlands
and Germany. It is at present in the final stages of negotiating one with
Britain. The Isle of Man signed a similar agreement with Britain a month ago.

Tax information exchange agreements are typically used sparingly because
countries seeking information must have a strong case against the individual
they wish to investigate.

Further reading:

Overview: war on tax havens

Foreign Office holds tax havens summit

Read
the Financial times story

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