Targeting tax avoidance a priority for G7

After talks with the G7 Group of Industrialised Nations, Chancellor George Osborne has announced how “incredibly important” it is to target tax avoidance and evasion after the issue was raised in Britain and numerous other countries earlier in 2013.

Osborne stated: “We must put regimes in place…. to deal with failing banks and to protect taxpayers and to do so in a globally consistent manner”.

He added: “It’s vital that both developed and developing countries can collect the tax that is due to them”.

Britain, France, Spain, the US and Germany have all agreed to be part of a “pilot scheme” which involves tax authorities communicating and sharing information with one another. Mr Osborne has also drawn attention to the importance of Britain in taking more of an active role in preventing tax evasion, particularly in the Cayman Islands and Jersey.

He explained: “Of course you have to respect that many of these territories have important industries, and we don’t want to unnecessarily damage them…. but it is necessary to collect tax that is owed and it is necessary to reduce tax avoidance, and the crown dependencies and the overseas territories need to play their part in that drive and they need to do more”.

Chancellor Osborne stated while discussions at the meeting “reaffirmed that there were still many challenges to secure a sustainable global recovery”.

Osborne added: “We’re committed as the advanced economies to playing our part in nurturing that recovery, and ensuring a lasting recovery so that we have prosperity in all our countries”.

Molly Kersey