Combatting tax avoidance with tough penalties is trending now in the UK. Will your country follow next?
Accountants, bankers and lawyers in the UK are warned that should they devise elaborate schemes to help the wealthy to commit tax avoidance – i.e. paying their fair share of corporate and personal taxes, they will face tough penalties.
The UK’s Chancellor announced on 8 March 2017 that, accountants, bankers and lawyers – acting as facilitators of elaborate schemes to commit tax avoidance will be fined up to 100% of the tax that their client avoided if the HMRC investigation finds the scheme helped to circumvent the fiscal rules.
The UK government expects that this new penalty, which will come into force in July 2017, will raise at least £10 million for the coming tax year. Practically, this means that the figure will rise to £50 million for financial year 2018 – 2019.
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