TaxAdministrationReview chief defends offshore financial centre report

Review chief defends offshore financial centre report

Michael Foot defends interim report into British offshore financial centres despite criticism that questions show little awareness of tax avoidance and evasions

The head of a review into British offshore financial centres has defended
criticism of an interim report submitted to the Treasury before last week’s
Budget.

Michael Foot said he has visited seven out of nine jurisdictions and explored
macroeconomic issues, tax and other transparency concerns.

‘We now want a wider range of consultation and that’s what we’ve focused the
progress report on,’ he said.

However, Richard Murphy, tax campaigner at the Tax Justice Network, said: ‘It
was initiated as a review of the financial services sector within these havens
and has now gone into issues of tax avoidance and evasion. The questions raised
show little awareness of tax avoidance and evasions, and are too narrowly
focused.’

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