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Today’s Top Headlines




HMRC To Take Further Action On Tax Avoidance, Evasion

by Jason Gorringe, Tax-News.com, London

27 December 2016

The UK tax authority, HM Revenue and Customs (HMRC), plans to raise an additional GBP5bn (USD6.1bn) a year by 2019 to 2020 through increased actions against tax evasion and avoidance, according to its new five-year plan.

As part of this five-year plan, it has committed to ensuring global companies pay their fair share in tax by supporting the Government's "leading role in the reform of international tax rules;" review the international country-by-country tax reporting rules and consider the case for making this information publicly available on a multilateral basis; support the Government in making it a crime when companies fail to put in place measures to stop tax evasion in their organization; and continue to ensure that developing countries have full access to global automatic tax information exchange systems and continue to build the capacity of tax authorities in developing countries.

The authority said the Government will invest GBP800m (USD980m) into its enforcement work. HMRC said that during the last parliament, its efforts to tackle evasion, avoidance, and non-compliance secured an additional GBP100bn in revenues. On top of the GBP5bn expected yield for compliance activities, HMRC said it would increase tax revenues by GBP1bn (USD1.2bn) by 2020 to 2021 by "making it easier to pay the correct tax and reducing [taxpayer] error."

TAGS: compliance | tax | business | value added tax (VAT) | VAT cross-border transactions | United Kingdom | enforcement | tax authority | transfer pricing | HM Revenue and Customs (HMRC) | HM Revenue and Customs (HMRC) | VAT compliance matters | BEPS

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