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Eversheds comment: International tax consensus remains elusive despite deal

  • United Kingdom

    02-05-2013

    Commenting on news from the UK Chancellor's office that all British overseas territories with large financial operations have signed up to a tax transparency strategy, Ben Jones, tax expert at global law firm Eversheds, says:

    "Striking these agreements with Britain's overseas territories and other low tax jurisdictions over which Britain has influence will be vital to the Government's wider push to clamp down on tax evasion and international tax avoidance. Without them, Britain's position at the forefront of this issue would be significantly undermined by activities perceived to be going on in its own "back yard".

    "However, the real challenge still ahead in this fight remains with jurisdictions over which other influences cannot be brought to bear. Reaching the international consensus necessary to change the global tax system quickly and effectively to address the perceived issues of avoidance and achieve a fair allocation of tax on international business is still some way off despite this encouraging deal."

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