Brexit & EconomyPoliticsBrown feels tax haven pressure from Commonwealth

Brown feels tax haven pressure from Commonwealth

Upcoming Trinidad and Tobago summit casts doubt over crackdown

UK Prime Minister Gordon Brown is soon to face increased scrutiny over his
stance on offshore tax centres in the lead up to a meeting of Commonwealth
leaders later this year.

Several Commonwealth jurisdictions are also in the scope of being labelled
tax havens, in addition to collecting revenue for the UK from financial services
industries, according to
telegraph.co.uk

Anthony Travers, chairman of the Cayman Islands Financial Services
Association and the Cayman Islands’ Stock Exchange, reaffirms the offshore
centre as being transparent and in line with OECD guidelines.

He condemned recent criticisms made by Brown and US President Barack Obama,
and said tax policy measures adopted, including the UKs new 50% income tax rate,
will compel businesses and individual taxpayers to seek more competitive tax
regimes elsewhere.

Further Reading:

Cayman
Islands urge Obama to cease criticism

Obama
proposal angers low-tax countries

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