The Seychelles has become the 46th jurisdiction committed to automatically exchanging tax information to improve transparency over offshore tax accounts held in the islands
It joins 45 other countries and jurisdictions that have made a robust commitment to implement the new global standard, following the launch of the initiative by the G5 countries of the UK, France, Germany, Italy and Spain, which will see the first exchange of information in 2017.
As a result of this initiative, HMRC will receive tax information about UK taxpayers with accounts in participating jurisdictions allowing the tax authority to tighten the net on those seeking to evade paying their taxes.
Financial Secretary to the Treasury, David Gauke, said: ‘Since our G8 leadership, the UK has pushed for greater tax transparency and, along with our G5 partners, has led the way in calling for global action to tackle tax evasion.
‘The early adopters’ initiative will enable HMRC to go further in clamping down on those who evade their responsibilities.’
The G5 countries will sign competent authority agreements at the Global Forum meeting in Berlin in October, together with other early adopter countries and jurisdictions which will give effect to the new standard.
To view a timeline of current government activity cracking down on tax evasion, click here http://embed.verite.co/timeline/?source=0AqU9_JLgk8C8dE9YWXRSbHoyS3liMEdfR3puM09Nanc&font=Bevan-PotanoSans&maptype=toner&lang=en&height=650