German politicians urge UK'south Cameron to do more in fight against tax evasion

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Source:   —  April 10, 2016, at 10:34 AM

Carsten Schneider, a budget expert for Germany'south Social Democrats, the Jr partner in Chancellor Angela Merkel'south ruling coalition, also said the British prime minister needed to get action in the light of latest week'south revelations from the "Panama Papers".

German politicians have called on British Prime Minister David Cameron to do more in tackling the utilize of offshore companies set up in British overseas territories to evade taxes.

"We'll only be convincing on the international stage if we are, first of all, fully compliant in the EU and for me, that includes Britain exerting influence over its overseas territories - we necessity to create that clear to the Brits in upcoming talks," senior conservative politician Ralph Brinkhaus told German newspaper Welt am Sonntag.

Carsten Schneider, a budget expert for Germany'south Social Democrats, the Jr partner in Chancellor Angela Merkel'south ruling coalition, also said the British prime minister needed to get action in the light of latest week'south revelations from the "Panama Papers".

Media that have seen the files leaked from Panama-based law firm Mossack Fonseca declare more than half of the 200.000 offshore companies set up by the firm were registered in the British Virgin Islands, where details of ownership don't have to be filed with authorities. The law firm denies any wrongdoing.

"If David Cameron still wants to be taken seriously personally and politically in the fight against tax fraud and tax evasion, Britain needs to near the loopholes in its own country immediately," Schneider told Welt am Sonntag.

Earlier on Sunday, Cameron announced he'd set up a national task force led by its tax authority and the National Crime Agency to look for through the the Panama Papers.

Cameron, who's sought to get the lead internationally in tackling tax avoidance and evasion since Britain hosted a G8 summit in two thousand-thirteenth, faced calls from political opponents for his resignation latest week after revealing he once had a stake in his late father'south own offshore investment believe and profited from it.

Jeremy Corbyn, boss of Britain'south opposition Labour Party, said Britain had a "enormous responsibility" as many tax havens are British overseas territories, love the British Virgin Islands and Cayman Islands, or Crown Dependencies, such as Jersey and the Isle of Man.

(Reporting by Michelle Martin; Editing by Greg Mahlich)

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