UK Treasury Select Committee announces new offshore tax inquiry

The House of Commons Treasury Select Committee has announced several tax inquiries to assess the progress made by Her Majesty’s Revenue and Customs in tackling offshore tax evasion and in discouraging the use of tax avoidance schemes.

An inquiry by the Treasury Sub-Committee intends to examine the success of U.K. tax authorities in reducing the amount of “tax lost to avoidance and offshore evasion” and assess the resources available to HMRC to effect real change in the behavior of “tax dodgers” and their service providers.

Coinciding with the announcement, Treasury Sub-Committee Chair John Mann published an opinion piece in U.K. newspaper The Guardian in which he states that “tax havens are a stain on Britain.”

In the article the Labour MP said, “We need answers about crown dependencies and overseas territories that help the wealthy dodge tax owed to society.”

He pointed to the role of the British Virgin Islands in the Panama Papers

... read more at: https://www.caymancompass.com/2018/04/03/uk-treasury-select-committee-announces-new-offshore-tax-inquiry/