A survey conducted by Christian Aid suggests that a large majority of FTSE companies would not actively oppose the introduction of a legal requirement for them to make their country by country reports public, while some would actively support it.
The government is consulting until 23 October 2015 on the impact the current anti-money laundering and terrorist financing regime is having on business, and specifically the role of supervisors in that regime. See www.bit.ly/1PCnZ05.
Ross Munro (Harneys) interviewed by Jo Edwards for LexisNexis legal news analysis and LexisNexis®PSL tax.
Loan relationships and accounting standards
HMRC is consulting until 14 October 2015 on detailed proposals for new measures against serial tax avoiders, including a further consultation on measures for serial avoiders, serial promoters, and how to introduce specific penalties where the general anti-abuse rule (GAAR) applies.
HMRC is publicising its victory before the First-tier Tribunal in Brain Disorders Research Limited Partnership v HMRC [2015] UKFTT 325 (reported in Tax Journal, 17 July 2015), which involved an ‘artificial tax avoidance scheme’.
The European Parliament passed a non-binding resolution on 8 July calling for multinational corporations to adopt country by country reporting (which requires companies to report details of their financial performance, tax details, assets and employee numbers) in order to help fight tax evasion i
Liesl Fichardt and Robert Sharpe (Clifford Chance) review recent actions taken by tax authorities in WHT claims in relation to dividend arbitrage and similar arrangements.