(BVI News) As the United Kingdom (UK) seeks revenue to revive its depleting economy, an article published September 12 by British news outlet, The London Economic, said a solution would be for Britain’s government to further clamp down on tax avoidance in its Overseas Territories.
The article titled It’s time we talk about Britain’s imperialistic overseas tax havens said a serious clampdown could prevent companies from hiding tax dollars that could ease the UK’s economic pressures brought on by COVID-19.
The article said the UK government is looking to increase national insurance costs for small businesses as one means of reviving its economy, which has taken a hit from COVID-19 and Brexit.
But it suggests that instead of pressuring small businesses, the UK should address tax avoidance in its overseas territories which “account for over a third of the world’s corporate tax avoidance (£395 billion) – four times more than any other country in the world”.
“Right now Britain needs every penny it can find. And the failure to address the offshore tax havens is a monumental waste of vital revenue streams for our national economy. The government must address this,” the article said.