The Department of Trade and Industry has defended the decision by chancellor
Gordon Brown to remove the requirements for a mandatory Operating and Financial
Review , in the face of a court challenge from Friends of the Earth.
The government body said it believed the decision was ‘proper and lawful’
following the application for a judicial review by the environmental pressure
group. A hearing is expected in mid-March.
‘The decision to remove the statutory OFR and instead impose a requirement
for a Business Review, in line with the minimum requirements of the EU Accounts
Modernisation Directive, will still lead to a major improvement in narrative
reporting over the situation before the Directive was implemented,’ argued a DTI
‘The key improvements in narrative reporting from the OFR are also present in
the Business Review, but in less prescriptive form which will substantially
reduce business compliance costs,’ she added.
Taxman lines up early exit from doomed Concentrix tax credits deal, as HMRC faces intense scrutiny from MPs
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
UK-based non-doms have paid ten times more tax than the average taxpayer, raising concerns over the Brexit impact on non-dom contributions and therefore, the economy
A senior MP has questioned the impact of HMRC’s decision to undertake yet another radical overhaul of its internal structure