Bermuda Refuses to Sign Up to Cameron’s Tax Evasion Deal

Tax evasion threatens government budget and programs. As the G8 meets in Ireland, UK Prime Minister David Cameron hopes to persuade G8 and other countries to sign agreements against tax evasion. The pressure may have been counterproductive. Craig Cannonier, Bermuda’s prime minister, is refusing to sign the OECD international agreement on tax information exchange. Crannoir argues that Bermuda is ready to agree on a wider sharing of information, but only if his country is treated equally. “Cameron is hoping to persuade G8 countries to sign agreements that would expose the identity, or true beneficial ownership of companies in shell firms,” reports Patrick Wintour for the Guardian. “But he is meeting resistance from Canada, Russia and the US over aspects of the deal.” Critics suggest that Cameron’s proposal does not go far enough and that he already has constitutional authority and ability to swiftly shut down tax-haven operations in Britain’s overseas territories. – YaleGlobal