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TheStreet Open House

Overseas Territories Support G8 Initiative On Tax, Trade And Transparency

LONDON, June 15, 2013 /PRNewswire/ --

We, the Political Leaders of the Overseas Territories of Anguilla, Bermuda, British Virgin Islands, Gibraltar, Montserrat and Turks and Caicos, warmly welcome our meeting with the Prime Minister today to discuss Tax, Trade and Transparency, where we had a very clear agreement and constructive exchange of views on the practical steps needed to tackle the global problem of tax evasion and how the UK and the Overseas Territories will continue to apply our high standards of regulation to address this.

As part of our contribution to advancing this global agenda and to create a level playing field right across the world, different Overseas Territories at different times, and now unanimously, have reiterated and confirmed our agreement to the following three (3) important steps:

  • To play an active part in the new pilot initiative of multilateral automatic tax information exchange launched by the UK, France, Germany, Italy and Spain;
  • To prepare national action plans on Beneficial Ownership to meet the FATF standards;
  • To commit to joining the Multilateral Convention on Mutual Administrative Assistance on Tax Matters.

It is our collective view that as we free up the world economy we must make sure openness delivers benefits for rich economies and developing countries alike and that we maintain confidence in the fairness and effectiveness of our tax systems and in the operation of global markets. Tackling tax evasion and fraud is a global responsibility in which we will continue to play our full part.

We welcome the Prime Minister's willingness to work in partnership with us in seeking to achieve a step change in international standards and establishing a global level playing field through the UK's G8 Presidency.

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