UK Prime Minister David Cameron has taken the unusual step of publishing his tax records. The British Prime Minister is also set to announce on Monday a new legislation making companies criminally liable if employees aid tax evasion, which will be launched this year.
According to Reuters, Cameron published his tax records on Sunday trying to resolve the criticism over his handling of the fallout from the Panama Papers. The papers mentioned his late father for setting up an offshore fund.
Following his four carefully worded statements in four days, the UK Prime Minister bowed to pressure and admitted that he had taken advantage from selling his share in his father's fund in 2010. He also acknowledged on Saturday that he had mishandled the disclosure.
The British Prime Minister is becoming the frontrunner in putting efforts to persuade the British voters to stay in the European Union in a June 23 referendum that the polls suggest will be tight. The tax row also raised concerns among the "in"camp that their cause may have been damaged.
SBS reported that Cameron will attempt to regain the upper hand when he appears in the House of Commons later on Monday. "This government has done more than any other to take action against corruption in all its forms, but we will go further," Cameron will say.
This was based according to the advance citations of his statement circulated by his Downing Street Office. He will also allegedly say, "That is why we will legislate this year to hold companies who fail to stop their employees facilitating tax evasion criminally liable."
The new plan was actually announced last year. But the Prime Minister is desperate to show that he is taking action and will say that the new law will be brought in before the end of 2016.
The Downing Street declined to comment which other investment funds or private firms he held a state in or if any were based in tax havens. However, the papers also unveiled that he had a huge second income as a London landlord and raised questions about a possible £80,000 inheritance tax dodge, as claimed by Mirror UK.
Meanwhile, the decision to speed up the plan is allegedly unlikely to satisfy Cameron's critics. Some opposition parties and campaign groups claimed that Britain already has the tools it needs to crack down on tax evasion but it only lacks the will.
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