A Treasury report wants British overseas financial havens to improve standards of regulation and raise taxes.
British government is worried that valuable sources of tax revenue are still going oversees.
The Crown Dependencies reviewed include Jersey, the Cayman Islands, the Isle of Man, Bermuda, and British Virgin Ilands.
Sir Michael Foot, who wrote the Treasury report, suggested that the Crown Dependencies should find ways to diversify their tax bases.
It may be noted here that British overseas financial havens have sovereignty over their tax affairs. Thus, many will try to maintain their reputation of low-tax economies.
According to an estimate, the British government loses up to £2 billion a year as companies prefer low-tax economies to mainland.
- Bitcoin investors call for protection after collapse of two major Bitcoin platforms
- South Yorkshire cottage has been crashed into by 40 cars over last 14 years
- Doctors to Reconstruct People's Faces with Stem Cells from their Fat
- $10 Urine Test is Twice as Accurate as Existing Tests for Prostate Cancer Diagnosis
- People Shorter in height May be Short of Intellect too: Study