According to the Accountancy Age news service, in its recently published annual report, the UK's Foreign and Commonwealth Office (FCO) expressed thinly-veiled condemnation of the Treasury Department for its eagerness to enforce the terms of the EU's Savings Tax Directive on the UK's overseas territories.
Observing wryly that "the year has not been without problems", the FCO explained that:
"Certain overseas territories (for example Anguilla, the British Virgin Islands, the Cayman Islands, Montserrat and the Turks and Caicos Islands) are concerned that the UK government's decision to extend to them the provisions of the EU directive on taxation of savings will have an impact on their economies."
A comprehensive report on the OECD, FATF and other 'offshore' initiatives, including the EU's Savings Tax Directive, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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