THE UK GOVERNMENT has upped the ante against offshore tax evaders, after a new global information-sharing standard was agreed.
HM Revenue & Customs has launched a campaign today to target offshore tax evasion, following endorsement by the G20 in Australia over the weekend of the OECD's new global standard to share tax information.
The agreement is expected to be a considerable expansion on the UK's current agreements with Crown dependencies and overseas territories. So far 42 countries and jurisdictions have joined up to the initiative.
Chancellor of the Exchequer, George Osborne said: "The UK government is on the side of the hardworking majority of people and companies who pay the tax they owe. By taking global action to reform the system alongside a tough approach to enforcing the law at home, we will close the net on those who think they do not have to play by the rules.
"This is a victory for Britain's international agenda and the fight against wrongdoing."
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.