UK Treasury Sub-Committee to Summon Overseas Territories

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Ministers from the Bermuda Government are to be asked to give evidence before British MPs as part of a probe into tax avoidance and evasion.

The sub-committee of the Treasury Select Committee launched its investigation in the wake of the Panama and Paradise Papers leaks.

John Mann, Labour MP for Bassetlaw and chairman of the sub-committee, wrote in The Guardian newspaper that he wanted to “hear from the dependencies and territories themselves”.

Mr Mann said Britain should “regard it as a matter of national shame that the Crown Dependencies and Overseas Territories that fly our flag give shelter to the wealth of the world’s financial elite”.

He pointed out that half of the 240,000 shell companies used by Mossack Fonseca to help the wealthy dodge tax were incorporated in the British Virgin Islands.

Read the original article here: royalgazette.com


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