TaxCorporate TaxRegulations out on cross-border tax evasion

Regulations out on cross-border tax evasion

The Inland Revenue has taken a step forward in its fight against cross-border tax evasion by publishing draft regulations on the implementation of the European Directive on the taxation of savings.

Link: Brown takes tough stance on EC tax reforms

Businesses and public bodies that make savings income payments to people living overseas or collect savings income payments for them, will have to report details on the individuals and the payments made to the Inland Revenue.

It claims businesses affected include banks, building societies, open-ended investment companies, lawyers and stockbrokers. The consultation period lasts until 28 November.

The European Commission is seeking to end tax evasion through secret accounts both within the EU and in countries like Switzerland and the US that could attract deposits from EU citizens.

Related Articles

Watch out when winding up

Corporate Tax Watch out when winding up

1m Emma Rawson, ATT Technical Officer
How might Brexit affect UK tax policy?

Brexit & Economy How might Brexit affect UK tax policy?

1m Santhie Goundar
Corporation tax losses – your newly flexible friends

Corporate Tax Corporation tax losses – your newly flexible friends

4m Emma Rawson, ATT Technical Officer
HMRC large business tax enquiry duration rises to 3 years

Corporate Tax HMRC large business tax enquiry duration rises to 3 years

4m Emma Smith, Managing Editor
SMEs paying higher rate of corporation tax than big businesses

Corporate Tax SMEs paying higher rate of corporation tax than big businesses

4m Alia Shoaib, Reporter
Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

7m Alia Shoaib, Reporter
New trading allowance: simplicity, but not as we know it

Administration New trading allowance: simplicity, but not as we know it

8m Emma Rawson, ATT Technical Officer
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

8m Alia Shoaib, Reporter