Speaking at last night’s ICAEW dinner, European commissioner for internal markets, Frits Bolkestein hinted that a successful implementation of IAS could smooth the path to the creation of a common tax system in the EU.
‘I strongly believe that EU companies need a common consolidated tax base for their EU-wide activities,’ said Bolkestein. ‘Accounting and taxation are closely linked, and I therefore think it is well worth examining how these common accounting standards might help us create such a common tax base.’
He went on to describe the introduction of IAS in 2005 as ‘a golden opportunity’ to make progress towards such a common tax base.
Research also finds that 84% of businesses believe that the government has not provided enough information about digital tax plans
A total of £16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons
Additional tax a result of compliance investigations by HMRC, but overall revenue falls
Firm expands East Anglian team with appointments to the audit practice and private client tax team