Global discussion needed before any change
The Treasury Minister has responded to calls by senior UK politicians for beneficial ownership registers to be made public by offshore tax jurisdictions.
Alfred Cannan MHK says making the move independently would damage the Island's 'business competitiveness'.
During a debate on tax evasion in the House of Commons yesterday (14 Nov), Sir Vince Cable supported calls by Labour MP Margaret Hodge for action to be taken.
The Lib Dem leader wants the British government to be more aggressive in pursuing an open register of beneficial ownership amongst crown dependencies.
He says there are many ways the UK could ensure offshores comply.
Mr Cannan says a global discussion on acceptable tax practices is needed before this could happen:
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