PWC CHAIRMAN and senior partner Ian Powell claimed international tax laws and rates were no longer fit for purpose because they were based on old-fashioned ways of working.
At the firm’s Building Public Trust awards last night, Powell gave a speech about the media storm around tax planning strategies and avoidance. He said that that profession and the the global community, desperately needs the regime to change.
Powell said that tax rates were created on old ideals where a person bought a product in person and paid tax on that tangible product. However, now products are exchanged internationally, or digitally, and goods are no longer as clear cut as they were before. Commerce has evolved and the tax system needs to evolve to keep pace, was Powell’s message.
Yesterday was the firm’s 11th annual award, which commends businesses that have delivered excellence in their reporting by focusing on responsible business. Members of the judging panel included Maggie McGhee, a director at the National Audit Office, Philippa Foster Back OBE, director at institute of business ethics, Robert Hodgkinson, director at ICAEW, Roger Adams, director ACCA, and Charles Tilly, CEO CIMA.
The winners were: Anglo American for excellence in reporting in the FTSE 100; The Go-Ahead Group for excellence in reporting in the FTSE 250; and The Crown Estate for excellence in reporting in the public sector.
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year
Board members of accounting standard setter the IASB have come under fire for the size of their remuneration packages amid scrutiny of how the organisation is governed
Lord Howard Leigh of Hurley discusses the government’s initiatives to mitigate tax avoidance and evasion
Top 50+50: Demand for tax advisory services remains high, but fee pressure is expected in relation to compliance services
The demand for tax advisory services remains high and this looks to continue; but fee pressure is expected in relation to compliance services as the “Making Tax Digital” initiative is rolled out,