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UK says no to son of FATCA but David Cameron puts tax evasion on G8’s agenda

21 November 2012

Ralph Cunningham - ITR

The UK government may be eager to help financial institutions comply with the Foreign Tax Compliance Act (FATCA) but it has rejected a call to introduce its own version of the US law. At the same time, the UK said the G8, of which it is the president in 2013, would focus on tax evasion.

The International Development Committee (IDC) of the House of Commons called on the UK to legislate for automatic exchange of information between tax authorities about UK citizens and corporations. The committee also urged the UK to use its influence in international organisations such as the OECD to encourage other jurisdictions to do the same.

However, the government, responding to an IDC report, Tax in Developing Countries: Increasing Resources for Development, said there were other ways, apart from legislation, to tackle tax evasion.

"The UK approach is to work in partnership with other governments, including those in developing countries, to increase tax transparency and exchange of information," the government said. "The government works closely with the G20, EU and...



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Office emptying? Boss gone? Induldge in a long lunch break reading the #GlobalTax50 2014 http://t.co/V37QvH9b2e

Dec 19 2014 11:37 ·  reply ·  retweet ·  favourite
International Tax Review Profile

@sarahwprior Yes, talk about changing one's tune in double-quick time. The @EU_Commission prez may have had something to do with this.

Dec 19 2014 10:45 ·  reply ·  retweet ·  favourite
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RT @gouv_lu: Luxembourg committed to establishing level playing field on transparency on #tax rulings @Xavier_Bettel http://t.co/5ACMHgGl80

Dec 19 2014 10:22 ·  reply ·  retweet ·  favourite
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@Vestager welcomes @gouv_lu decision to provide info on #tax rulings practice and #patentbox http://t.co/YnOPUsku7E #Luxembourg

Dec 19 2014 10:20 ·  reply ·  retweet ·  favourite
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Welcome to all our new followers @avalara @AxactAccounting @bankhousecorp @birdncocouk. Have a great weekend!

Dec 19 2014 10:08 ·  reply ·  retweet ·  favourite
International Correspondents

After the Irish budget, what would make you more likely to put more substance into Ireland?