Baker Tilly Responds to G8 Tax Transparency Deal

19 Jun 2013

Leaders of the G8 major economies have today agreed new measures on tax transparency. The Lough Erne Declaration is designed to clamp down on money laundering, tax evasion and corporate tax avoidance.

Responding to this, senior tax partner from Baker Tilly (in the UK) George Bull, said, "While widespread concerns regarding tax avoidance have recently become prominent, the issues of transparency and tax have been recognised for many years. The Lough Erne Declaration marks an important first step towards the goal of greater tax fairness. Increased transparency by the large corporates should go some way to relieving the plight of people in developing countries. However I’m concerned as to how the Declaration and the related UK Action Plan will be implemented in practice. Sustained effort by all the G8 nations will be required to translate the Declaration into action. After this promising start, a long and very difficult journey lies ahead for all those involved in bringing greater transparency and justice to taxation."

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