Tightening the net on offshore tax evaders
28 September 2014
The Seychelles have become the latest country to join the initiative launched by the G5 countries of the UK, France, Germany, Italy and Spain, according to the UK Government. The agreement binds the Seychelles to automatically exchanging tax information with the UK.
The ‘new global standard’ was called for under the UK’s presidency of the G8, and will see the first exchange of information in 2017. This marks a step change in the ability of governments to tackle tax evasion and will rapidly remove the remaining hiding places for those who seek to evade their taxes.
HMRC will be able to receive tax information about UK taxpayers with accounts in participating jurisdictions and allow them to tighten the net on people seeking to avoid paying what’s due.
The decision has been welcomed by the finance ministers of the G8, who have also called upon other financial centres to match this commitment to crack down on tax evasion on a global basis. In fact, it should also be welcomed by anyone who pays their taxes.
If you would like any further information, please contact us by email or call 0141 221 2984.