UK Promises to Further its Fight on Tax Evasion

September 22, 2009 International Tax CooperationOffshore BankingTax HavensTaxation in EUTaxation in UK  No comments

The United Kingdom looks set to increase efforts to combat tax evaders.

Speaking on the 21st of September in regards to the upcoming G20 summit in Pittsburg, Stephen Timms, UK Financial Secretary, has decried tax evasion as being morally wrong, he then proceeded to claim that further efforts will soon be made to “tilt the game back towards honest, hard-working taxpayers”.

It was announced on the same day that Alistair Darling, Chancellor of the Exchequer, will use his Pre-Budget Report to instate tougher penalties for tax avoiders, attempt to close loop-holes which make it easier to utilize offshore accounts in avoiding tax liability, strengthen means by which tax avoiders are sought and increase the amount of information available to HM Revenue and Customs.

Alistair Darling also promised to expand the United Kingdom’s network of Tax Information Exchange Agreements. Meanwhile, Gordon Brown, UK Prime Minster is expected to hold talks with international leaders during the G20 summit, seeking to instate sanctions on economically non-cooperative jurisdictions.

Attempting to foster increased international assistance in the UK’s efforts, Stephen Timms said “ahead of the G20 summit in Pittsburgh, I call on my overseas counterparts to build further in this area on the achievements of the UK presidency this year.”

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