EUROPEAN PLANS to crack down on tax avoidance have been welcomed by the ICAEW’s chief executive.
In his blog, Michael Izza (pictured) says that the EC’s plan to fight tax dodgers – badged as a ‘Fight Against Fraud and Tax Evasion’ – through the use of information sharing and general anti-avoidance rules is a “real opportunity” to create a consistent and fair approach to corporate and personal tax.
“We need a system that allows businesses to do what they are best at doing; creating useful products and services, and making profits, while contributing fairly to society,” said Izza.
He said that the current tax system was set up at a time when “business was much simpler”. Concerns now abound about the erosion of the tax base due to its “policing” through transfer pricing and the arm’s length principle.
The institute sparked controversy earlier this year by taking a strong stance against aggressive avoidance, outlining to members where it believes they could fall foul of its rules about peddling certain types of tax scheme.
HMRC has outlined a change in VAT policy to the treatment of dwellings that have been formed from either the construction of new buildings, or from the conversion of non-residential buildings
Let us hope that valuable asset protection vehicles are not made prohibitively burdensome or abolished in the desire to “simplify” IHT
Freelancers and micro-businesses still need more information about the government’s plans to make tax digital
The government is pressing ahead with changes to the way it taxes individuals with a foreign domicile