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1179092

registered interest
date	21/02/2020
answering body	Department for International Development
answering dept id	20
answering dept short name	International Development
answering dept sort name	International Development
hansard heading	CDC: Offshore Funds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for International Development, what steps he takes to monitor the proportion of CDC Group’s investments held offshore or in offshore entities; and what the value was of CDC’s offshore investments at 31 March 2019.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	18672
answer	answer is ministerial correction date of answer 02/03/2020 answer text <p>CDC invests in accordance with its policy on the payment of taxes and the use of offshore financial centres which is available on CDCs website. Under this policy, which has been agreed with DFID and is reviewed annually, CDC’s preference is to invest directly into the country in which the investee company’s business operations are located. Where CDC does use an offshore financial centre, it only uses those that are compliant with international tax transparency standards, as monitored by the Global Forum on Transparency and Exchange of Tax information.</p><p>As of 31st March 2019, 25% of CDC’s investments are held in CDC investment companies not domiciled in the UK.</p> answering member constituency Rochford and Southend East answering member printed James Duddridge question first answered 02/03/2020 17:58:37 answering member 1559 label Biography information for Sir James Duddridge
tabling member	4518 label Biography information for Tulip Siddiq

1179093

registered interest
date	21/02/2020
answering body	Department for International Development
answering dept id	20
answering dept short name	International Development
answering dept sort name	International Development
hansard heading	CDC: Offshore Funds
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for International Development, what reviews he has undertaken on the adequacy of CDC’s controls on the use of offshore accounts and investments by CDC management and senior staff in the last two years.
tabling member constituency	Hampstead and Kilburn
tabling member printed	Tulip Siddiq
uin	18673
answer	answer is ministerial correction date of answer 02/03/2020 answer text <p>CDC reviews its tax policy at least annually with a view to remaining consistent with evolving international standards and the best practice of multilateral and bilateral development finance institutions. This policy is regularly reviewed by DFID.</p> answering member constituency Rochford and Southend East answering member printed James Duddridge question first answered 02/03/2020 17:59:16 answering member 1559 label Biography information for Sir James Duddridge
tabling member	4518 label Biography information for Tulip Siddiq