Panama Files: The UK Government must stop the wealthy avoiding tax
The shocking revelations in the Panama Files show how the wealthy can avoid paying tax using offshore accounts and fake directors. This costs the UK (and many poorer countries) billions of pounds that could be spent improving schools and hospitals. The UK Government must do all it can to stop this.
Tax avoidance and evasion costs the UK £7.2 billion each year. Globally the cost is estimated at $3.1 trillion each year (Tax Research UK). Many of the countries used to avoid this tax are British Overseas Territories which are, shamefully, under the jurisdiction of the UK. At a time when our Government is cutting spending and investment we clearly cannot afford for this to continue.
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