Too many FTSE100 companies do not mention how they are managing the risks of tax evasion in their published documents, according to research carried out by Pinsent Masons.
The proportion among FTSE100 companies overall is as high as 55%. The picture is better among financial services firms in the FTSE100, one of the sectors most at risk of being caught by the tax evasion facilitation offence, with only 33% making no mention of tax evasion or how they manage the risks.
Under the Criminal Finances Act 2017, which came into force on 30 September 2017, businesses are now criminally liable if any of their employees, agents or other third parties facilitate tax evasion whilst providing services on their behalf.
Jason Collins, partner at Pinsent Masons, said ‘FTSE100 firms failing to publicly address tax evasion could raise questions for stakeholders over their management of reputational and financial risks’.
Too many FTSE100 companies do not mention how they are managing the risks of tax evasion in their published documents, according to research carried out by Pinsent Masons.
The proportion among FTSE100 companies overall is as high as 55%. The picture is better among financial services firms in the FTSE100, one of the sectors most at risk of being caught by the tax evasion facilitation offence, with only 33% making no mention of tax evasion or how they manage the risks.
Under the Criminal Finances Act 2017, which came into force on 30 September 2017, businesses are now criminally liable if any of their employees, agents or other third parties facilitate tax evasion whilst providing services on their behalf.
Jason Collins, partner at Pinsent Masons, said ‘FTSE100 firms failing to publicly address tax evasion could raise questions for stakeholders over their management of reputational and financial risks’.
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