List of ‘Shell Companies’ to be Public, PM to Say
According to a latest report, a list of some companies, who keep their money off shore, in order to escape the tax, will be published soon.
The list of these `shell companies' will be published in order to discourage tax evasion from the economy.
According to sources the ministers have already uncovered the register in an attempt to lift the `cloak of secrecy'.
But the prime minister says that by making the register public, it will be easier for the firms and growing countries to know who they are doing business with.
The move has been welcomed by the organizations such as the Labor, anti-corruption campaigners and charities.
While speaking at the Open Government Partnership summit in London later, Mr. Cameron will exclaim that a small minority of organizations have hidden their business transactions in a "complex web of shell companies" for too long.
He will also say that, this `cloak of secrecy' has added fuel to all questionable practices and downright illegality.
He will also explain, "Illegality that is bad for the developing world, as corrupt regimes stash their money abroad under different identities and it is bad for Britain's economy too, as people evade their taxes through untraceable trails of paperwork".
New Zealand News
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