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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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International Tax Review Profile

A new Brazilian scheme which looks a lot like the UK's #DOTAS requires taxpayers to disclose details of #tax planning http://t.co/Xjpfnz3NLG

Jul 28 2015 05:52 ·  reply ·  retweet ·  favourite
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Jul 28 2015 05:49 ·  reply ·  retweet ·  favourite
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#IASB defers effective date of #revenuerecognition standard for 1 year http://t.co/DAMx1z0gDa

Jul 23 2015 04:11 ·  reply ·  retweet ·  favourite
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Oh dear! Large taxpayers aren't going to like this. Whichever side you're on, it means more #compliance http://t.co/kqnEyJdQRx @HMRCgovuk

Jul 23 2015 04:06 ·  reply ·  retweet ·  favourite
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France rapped for illegal state aid for @edfenergy http://t.co/djFLPweOW0 @EU_Commission Read about @Vestager here http://t.co/CJShDolk9I

Jul 22 2015 12:37 ·  reply ·  retweet ·  favourite
International Correspondents

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