The BVI is among 10 British overseas territories that have been called to a tax evasion summit in the United Kingdom as UK Prime Minister David Cameron vows to curb the ‘scourge of tax evasion’.
Premier Dr. D. Orlando Smith, who is currently in the UK on other business, has repeatedly denied reports in the international press that the BVI is among tax havens where mega-rich people hide billions from the UK taxman.
Director of the BVI International Financial Centre, Elise Donavon turned down a request for an interview regarding the meeting scheduled for June 15 in the United Kingdom.
She was however quick to point out that Premier Smith was invited to the meeting, and not ‘summoned’ as was being reported in the overseas press.
Other British overseas territories that have been called to the tax evasion summit are Bermuda, the Cayman Islands, Anguilla, Montserrat, Turks and Caicos, Jersey, Guernsey, the Isle of Man and Gibraltar.
“There is said to be disagreement in Whitehall about how much pressure to put on the islands, fearing excessive demands from London could lead to them refusing to co-operate,” reported one British newspaper, The Daily Mail.
“Mr. Cameron is examining the idea of getting the tax havens to sign up to an OECD convention on the sharing of information on tax between countries, which is seen as a key to tackling evasion.”
The UK Prime Minister wrote to the BVI and its other overseas territories last month, warning them that he had made ‘fighting the scourge of tax evasion and aggressive tax avoidance’ a priority for the G8 summit.
Britain will host the G8 summit in Northern Ireland on June 17 and 18.
