The new body, which will set up home in New York, is part of a plan announced yesterday to fight back against the exploitation of discrepancies on tax avoidance from one country to the next.
Its functions will include the identification of avoidance schemes, a pooling of knowledge in how to combat them and even joint action to prevent schemes ‘playing one country off against another’.
The announcement came after Dave Hartnett, deputy chairman of the Inland Revenue and Chris Tailby, head of VAT at Customs & Excise, emerged from secret talks in Williamsburg, Virginia.
The agency could be up and running as soon as this summer and may later be expanded to cover the 30 nations of the Organisation for Economic Cooperation and Development, The Guardian reported.
The move follows the launch of a domestic crackdown on tax avoidance in last month’s Budget. The chancellor announced accountants, bankers and lawyers would be forced to tell the Revenue about schemes shortly after they are sold to individuals and companies.
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more
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