UK, Overseas Territories sign tax deal

British Prime Minister has signed a deal with British Overseas Territories, widely seen as international tax havens, to take a series of actions to promote taxing transparency and exchange information on tax.

According to AFP, the agreement was reached on Saturday ahead of the upcoming G8 summit in Northern Ireland on Monday and Tuesday where tax evasion is expected to be high on the agenda.
Cameron said after the document was signed “It is a very positive step forward and it means that Britain’s voice in the G8 and the campaigning on this issue around the world for proper taxes, proper companies and proper laws … will be stronger.”
He further stressed that Britain seeks to persuade the G8 leaders that they need “proper companies, proper taxes and proper global rules” to ensure “openness” on the issue.
This comes as campaigners have voiced their cynicism that the G8 can hammer out any agreement on tax evasion.
Back on Tuesday, Robert Palmer from the campaign group Global Witness said an agreement on the matter does not seem likely.
Palmer said Canada, Russia, Germany and Japan are not convinced about cooperation on tax evasion and other G8 leaders do not see why they should share tax information with them.
Britain, however, is apparently keen to take up the issue despite existing oppositions as it is best with taxing scandals, where dozens of major international names, including Google and Starbucks, are involved.