The prime minister has announced the government’s intention to introduce legislation this year for the new corporate criminal offence of failure to prevent the facilitation of tax evasion. Following consultation last year, the government had planned to legislate in time for the start of information exchange under the common reporting standard in 2017.
CIOT tax policy director John Cullinane commented on this confirmation: ‘Practically this is going to be a challenging offence to draft. It is very difficult to hold companies to account for actions of individuals. Clear guidance will need to be provided to help give certainty over how the proposals will work and what organisations must do to ensure compliance. It must be possible for a diligent company to know it is compliant.’
On 12 May, the UK will host the anti-corruption summit in London, bringing together world leaders and representatives of business and civil society to discuss issues including corporate secrecy, government transparency, enforcement of international anti-corruption laws and strengthening international institutions.
The prime minister has announced the government’s intention to introduce legislation this year for the new corporate criminal offence of failure to prevent the facilitation of tax evasion. Following consultation last year, the government had planned to legislate in time for the start of information exchange under the common reporting standard in 2017.
CIOT tax policy director John Cullinane commented on this confirmation: ‘Practically this is going to be a challenging offence to draft. It is very difficult to hold companies to account for actions of individuals. Clear guidance will need to be provided to help give certainty over how the proposals will work and what organisations must do to ensure compliance. It must be possible for a diligent company to know it is compliant.’
On 12 May, the UK will host the anti-corruption summit in London, bringing together world leaders and representatives of business and civil society to discuss issues including corporate secrecy, government transparency, enforcement of international anti-corruption laws and strengthening international institutions.
