The Upcoming
  • Culture
    • Art
    • Cinema
      • Movie reviews
      • Film festivals
    • Food & Drinks
      • News & Features
      • Restaurant & bar reviews
      • Interviews & Recipes
    • Literature
    • Music
      • Live music
    • Theatre
    • Shows & On demand
  • Fashion & Lifestyle
    • Accessories
    • Beauty
    • News & Features
    • Shopping & Trends
    • Tips & How-tos
    • Fashion weeks
  • What’s On
    • Art exhibitions
    • Theatre shows
  • Tickets
  • Join us
    • Editorial unit
    • Our writers
    • Join the team
    • Join the mailing list
    • Support us
    • Contact us
  • Interviews
  • Competitions
  • Special events
    • Film festivals
      • Berlin
      • Tribeca
      • Sundance London
      • Cannes
      • Locarno
      • Venice
      • London
      • Toronto
    • Fashion weeks
      • London Fashion Week
      • New York Fashion Week
      • Milan Fashion Week
      • Paris Fashion Week
      • Haute Couture
      • London Fashion Week Men’s
  • Facebook

  • Twitter

  • Instagram

  • YouTube

  • RSS

Archive

Osborne promises crackdown on tax avoidance

Osborne promises crackdown on tax avoidance
19 June 2013
Keumars Afifi-Sabet
Avatar
Keumars Afifi-Sabet
19 June 2013

UK Chancellor George Osborne has announced plans to stop multinational corporations and wealthy individuals hiding profits in offshore “shell” companies by introducing a UK register of beneficial ownership.

Open to the public, this register will make it clear who is withholding tax from the government as Mr Osborne plans to “update tax rules and make them fit for the century”.

Speaking to BBC One’s Breakfast, Mr Osborne said: “I think we can do quite a lot and I think you are going to see some concrete steps here at this summit to change the rules about tax that have been in place for decades but, as the world has developed, haven’t really kept up.

“As a result, individuals can hide the taxes they are supposed to pay in the international banking system and companies are able to shift their profits around the globe, away from where those profits are actually generated and therefore don’t pay tax,” he added.

Britain secured agreements from ten of its overseas territories and crown dependencies, perceived as tax havens, to register to a new Organisation for Economic Co-operation and Development standard on the exchange of tax information.

Mr Osborne has made clear his hopes that fellow G8 countries the US, France, Germany, Italy, Russia, Canada and Japan will follow suit on the issue.

The new plans complement the UK’s agenda for the G8 summit. Tax, trade, and transparency have been prioritised.

With concerns such as Syria still high on the agenda, talks at the G8 summit will come to an end on Tuesday afternoon. 

Keumars Afifi-Sabet

Related Items

More in Archive

Achieve timeless elegance this S/S 2014 with S.I.L.K.

Ellie Owen
Read More

Bespoke jewellery by Charlotte Tamar

Niten Thakor
Read More

Enjoy designer luxury with Alexis Smith Lingerie’s A/W 2013 collection

Ellie Owen
Read More

Embrace vibrancy and colour with PPQ this winter

Ellie Owen
Read More

Kenzo Metallics adds the sparkle to you Christmas wardrobe

Niten Thakor
Read More

A Christmas alternative: Cranberry and Orange Jeweled Nut Bake

Bethany Stone
Read More

An Austique shopping guide: your one-stop shop for last minute gifts

Christianna Pugliese
Read More

A comforting twist to designer heels

Michelle McGill
Read More

Iain Duncan Smith condemned for refusing to meet with Trussell Trust

Abbie Cavendish
Read More
Scroll for more
Tap
  • Popular

  • Latest

  • TOP PICKS

  • Female filmmakers lead nominees for the London Critics’ Circle Film Awards
    Cinema
  • Jeremiah Fraites – Piano Piano
    ★★★★★
    Album review
  • The White Tiger
    ★★★★★
    Cinema
  • We Still Fax at ANTS Theatre Online
    ★★★★★
    Theatre
  • Lonely the Brave – The Hope List
    ★★★★★
    Album review
  • Identifying Features
    ★★★★★
    Cinema
  • 23 Walks
    ★★★★★
    Cinema
  • Live Lab at The Yard Theatre: An interview with associate director Cheryl Gallagher
    Theatre
  • We Still Fax at ANTS Theatre Online
    ★★★★★
    Theatre
  • We Ask These Questions of Everybody: An interview with Amble Skuse and Toria Banks
    Theatre
  • Identifying Features
    ★★★★★
    Cinema
  • We Still Fax at ANTS Theatre Online
    ★★★★★
    Theatre
  • WandaVision: Marvel’s charming sitcom proves an astounding success
    ★★★★★
    Cinema
  • The Queen’s Gambit: A chess story that’s not about the moves but the motives
    ★★★★★
    Cinema
  • Undercover at Morpheus Show Online
    ★★★★★
    Theatre
The Upcoming
Pages
  • Contact us
  • Join mailing list
  • Join us
  • Our London food map
  • Our writers
  • Support us
  • What, when, why

Copyright © 2011-2020 FL Media

WilliamVintage’s pop-up takeover at Selfridges
Eco Fair – a compassion for fashion at the Debut Art Gallery