Barclays And Tax Havens In Africa

EDM number 1223 in 2013-14, proposed by John Leech on 24/03/2014.
Categorised under the topics of Africa, Financial institutions and Taxation.

That this House notes the negative impact of tax havens and tax avoidance generally on developing African countries; believes that a reliable and robust tax regime is essential for the provision of services and amenities to developing communities and that local tax avoidance in such communities only further increases the likelihood of certain countries having to depend on foreign aid provided by taxpayers in nations such as the UK; acknowledges therefore the disadvantage suffered by certain developing countries as a result of Barclays Bank's Offshore Corporate Division and its promotion of Mauritius as a way of channelling offshore investment into Africa; condemns the practice of encouraging offshore tax avoidance in those regions and recognises that, as the UK's most prominent bank in Africa, Barclays Bank has an obligation to reflect the moral economic attitudes of the Government and the British people; and calls on the Government to condemn these practices and on Barclays to live up to its own corporate responsibilities by closing down its Offshore Corporate Division, becoming more transparent by making a detailed tax strategy public and proving that any remaining activities in tax havens are not linked to tax avoidance, further proving that Barclays intends to play a positive role in Africa on tax by demonstrating that it is pursuing a constructive and fully transparent relationship with the relevant tax authorities, and supporting the development of strong local tax collection systems and strong on-shore finance sectors in the African countries in which it operates.

This motion has been signed by a total of 37 MPs.