UK Prime Minister David Cameron made the following announcement in the House of Commons: ‘I do not think it is fair any longer to refer to any of the Overseas Territories or Crown Dependencies as tax havens.They have taken action to make sure that they have fair and open tax systems’. The Prime Minister's comments follow the progress made on tax transparency at the G8 and G20 summits, and come just weeks after the publication of an extensive report highlighting Jersey’s overall value to the UK economy.
The Isle of Man government has welcomed comments releasing the Crown dependencies and overseas territories from their reputation as tax havens.
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Sources:
BBC News
Read more at: Tax Times blog
