Cameron’s initiative against the British offshore skids?
One of the most noticeable events in the field of offshore business since the beginning of this year has been busy promoting the Prime Minister of the United Kingdom personal initiatives to combat deviation from taxes in offshore jurisdictions.
As mentioned before, David Cameron rushed to the British offshore, with an appeal to increase the transparency of doing business in these jurisdictions. In the summer of 2013 appeared information about the fact that the UK reached an agreement with all the territories on the signing of bilateral agreements on the provision of data on taxes and Bank accounts. Such agreements provide for the establishment of automatic information exchange system, which would have allowed the British authorities all the necessary data for controlling the operation of firms operating in offshore schemes.
The signing of such contracts actually notes the possibility of prosecution of owners of British firms, which allow interference in tax and financial matters. Also, Cameron took the initiative to develop a public registry of beneficiaries, which would give a clear idea about the owners of a business. The implementation of such a registry would allow the British authorities to contemplate who withdraws funds from the tax, and will provide newfound opportunities for corruption.
Despite the fact that the company achieved almost absolute agreement on this matter between the British authorities and the authorities of offshore territories, which are subordinate to the United Kingdom, became aware of the fact that it’s not so good. The main “disturber of tranquility” became Bermuda. The government of this jurisdiction made a statement about the unavailability of the tax system of the Islands to the order of introduction of automatic exchange of information. This statement was interpreted by many as sabotage initiatives of Cameron. It also showed intense reluctance offshore approach for not favorable for an agreement with great Britain.