Prime Minister David Cameron has written to leaders of each of the crown dependencies and overseas territories stressing the need to get ‘our own houses in order’.
His letter calls for more transparency about tax information and the ownership of companies.
Mr Cameron writes: ‘As you know, I have made fighting the scourge of tax evasion and aggressive tax avoidance a priority for the G8 summit which the UK is hosting next month.
‘With one month to go, this is the critical moment to get our own houses in order. I am looking to all the overseas territories and crown dependencies to continue to work in partnership with the UK in taking the lead on two critical issues: tax information exchange and beneficial ownership.’
The UK Premier said he respected the offshore centre’s right to be lower tax jurisdictions but said this was only sustainable if what is owed is actually paid – and the rules to achieve this are set and enforced fairly to create a level playing field right across the world.
He welcomed commitments made by the territories to exchange tax information but said there was also a need to improve its quality and accuracy.
Mr Cameron said some had already led the way with a commitment to produce action plans on beneficial ownership – and he hoped others would follow as quickly as possible.
