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Latest news | Glasgow MP calls for action on tax avoidance

Latest news

Glasgow MP calls for action on tax avoidance

Stewart McDonald, SNP MP for Glasgow South, asked the Government what action is being taken against people using British overseas territories to avoid paying tax on investments.

He has asked if the Government will bring forward proposals to compel overseas territories to create publicly available registers which show beneficial owners of companies.

And he also asked if steps will be taken at the international anti-corruption summit in London in May to push for an international agreement on stricter rules concerning tax havens and beneficial owners.

In response, the Foreign and Commonwealth Office said:

"Our priority for the Overseas Territories has been for them to hold accurate and current beneficial ownership information on island in central registers or the equivalent, where they do not already do so, and to allow for UK law enforcement to access that information. The agreements signed this week achieve this and represent a significant step forward in our ability to counter criminal activity and should be welcomed.

"As the Prime Minister, the Member for Witney (Mr Cameron) said in the House on 11 April, only about three countries in the world, including Britain, are implementing open accessible central registers of company beneficial ownership information. The actions taken by the Overseas Territories put them well ahead of many of our international partners.

"The Summit will address a range of measures to tackle corruption, including promoting transparency around beneficial ownership. Further information about the London Anti-Corruption Summit can be found on the summit web pages of the GOV.UK website."

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