George Osborne calls for global blacklist of tax havens after Panama Papers
Source: Guardian
British chancellor called on world leaders at the IMF to create a list of jurisdictions still allowing rich and powerful to avoid paying fair share of tax
George Osborne has called for the creation of an international blacklist of tax havens and for the global community to deploy clear sanctions against any country – including British overseas territories and crown dependencies – that continue to facilitate tax evasion.
The chancellor on Friday called on other world leaders at the International Monetary Fund’s spring meeting in Washington to join Britain in creating a globally recognised list of jurisdictions that are still allowing the rich and powerful to avoid paying their fair share of tax.
He said the creation of the blacklist, which was inspired by the release of the Panama Papers detailing the tax avoidance of the world’s rich and powerful, would be a “clear threat” with “clear sanctions” to countries that continue to fail to comply with international tax rules.
“We could develop an international blacklist of tax havens and once you have that internationally agreed list – that would be the first time in our history as a world that you had an internationally agreed blacklist – then all sorts of countermeasures could be deployed against noncompliant regimes [and] tax havens that are on that blacklist,” he said on the sidelines of the IMF meetings on Friday. “I think all that can start now.”
Read more: http://www.theguardian.com/world/2016/apr/15/george-osborne-panama-papers-tax-havens-blacklist-imf
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