The UK tax authority HMRC has received information indicating the extensive use of tax schemes to hide assets in overseas locations and it is working with the governments of Australia and the US to analyze a large amount of data. The data indicates the use of jurisdictions such as the Cayman Islands, Cook Islands and the British Virgin Islands (BVI). HMRC indicates that analysis of the data has so far enabled them to identify around a hundred taxpayers and two hundred tax advisers who may be involved in tax evasion through the use of low tax jurisdictions. The data obtained may also be shared with other jurisdictions.
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