The five largest economies in the European Union have agreed to share information on secret owners of businesses and trusts
Treasury officials told the BBC the move would make it harder for businesses and wealthy individuals to operate without paying correct taxes. The five countries are now pushing for the rest of the G20 nations with the world’s largest economies to follow suit. The initiative was a direct response to the Panama Papers leak.
That would mean data exchange on previously secret tax information between countries such as America, Saudi Arabia and China.
Chancellor George Osborne said the new rules were “a hammer blow against those that would illegally evade taxes and hide their wealth in the dark corners of the financial system.
“Britain will work with our major European partners to find out who really owns the secretive shell companies and trusts that have been used as conduits for evading tax, laundering money and benefiting from corruption.