THE UK GOVERNMENT has upped the ante against offshore tax evaders, after a new global information-sharing standard was agreed.
HM Revenue & Customs has launched a campaign today to target offshore tax evasion, following endorsement by the G20 in Australia over the weekend of the OECD’s new global standard to share tax information.
The agreement is expected to be a considerable expansion on the UK’s current agreements with Crown dependencies and overseas territories. So far 42 countries and jurisdictions have joined up to the initiative.
Chancellor of the Exchequer, George Osborne said: “The UK government is on the side of the hardworking majority of people and companies who pay the tax they owe. By taking global action to reform the system alongside a tough approach to enforcing the law at home, we will close the net on those who think they do not have to play by the rules.
“This is a victory for Britain’s international agenda and the fight against wrongdoing.”
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
The ACCA has announced a partnership with UK research and development tax reclaim specialist RD Tax Solutions
The tax HMRC expects is underpaid by large companies through “transfer pricing” has risen by 60%
The chancellor has “missed an opportunity” to restore business confidence and encourage UK investment, said Mazars