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Tax Haven Crack Down Demanded by MP’s

03 June, 2009

In order to ensure that poor countries gain the maximum benefit from their own resources, MPs have been urged by government to crack down on offshore tax havens and corruption.

The appeal came through the latest report from the committee on international development at the House of Commons, where it has warned that the Third World must not be see their aid programmes reduced because of mistakes made causing the recession. The report stated that developing countries loose billions of dollars a year to tax evasion by international companies as they seek to raise revenue.

Estimated revenue losses range from $120bn to $160bn due to havens facilitating the process by providing businesses with anonymity through bank secrecy and failing to co-operate on tax matters with authorities from the country in which the funds originated.

The committee chairman, Lib Dem MP Malcolm Brice, has said that the UK government has a responsibility to make amends for its past failures to act, by taking steps as a matter of urgency to ensure that they cease to be tax havens.

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