Finance directors could be forced to make wholesale changes to avoid being
fined for having inadequate tax accounting systems.
The Financial Times likened
new rules flagged in the Budget to Sarbanes-Oxley in the US. Aimed at stamping
out tax avoidance, they require a company’s ‘senior accounting officer’ to
certify the integrity of its tax accounting system.
If inadequate, finance and tax directors could be fined £5,000. After an
initial outcry when the new penalty was announced, Treasury scaled back its
scope. It will now apply to the 2,000 largest companies rather than the 15,000
A Deloitte survey estimated the cost of compliance for most large companies
to be between £50,000 and £250,000.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states