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Britain COULD erase tax havens (if it actually wanted to)

April 5, 2016 - Uncategorized

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LONDON — The massive data leak of tax records from a Panama law firm has put pressure on the British government to fulfil long-time promises to curb massive tax avoidance in the country.

Following revelations that more than a half of the 200,000 offshore companies set up by the law firm Mossack Fonseca were registered in the British Virgin Islands, a British overseas territory, opposition leader Jeremy Corbyn suggested Britain could impose direct rule on those territories and crown dependencies.

SEE ALSO: These are the countries implicated in the Panama Papers

“They are not independent territories… they are British crown dependent territories, therefore surely there has to be an observance of UK tax law in those places,” he said Tuesday. “If it’s become a place where systematic evasion and short changing of the public in this country, then something has to be done about it,” he told the BBC, adding that the extreme measure can be taken “within days”.  Read more…

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Source: Mashable

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