Link: Revenue to review S660
Figures revealed in Inland Revenue’s annual report show that the amount of money squeezed out of what business advisors describe as ‘tiddlers’ barely covers the cost of hiring tax investigators to scour their books.
For every £1 spent on tax investigators, just £1.30 was retrieved – a net of 30p for the Chancellor.
According to reports in The Daily Telegraph, Inland Revenue officials say these figures do not show the full picture, because a number of their investigations did reveal larger amounts. For instance, the search for tax evaded by international companies produced a yield of £123 for every £1 spent.
Extra funds are being provided by the Chancellor to help the Revenue focus its efforts on big targets. Over a three-year period it is hoped the extra spend of £181m will yield an additional £3.6bn in tax revenue.
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
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements
Charles Tilley's departure from CIMA leaves the accounting world quieter, but his institute with an exciting foundation