Companies that fail to prevent tax evasion will be charged under new rules that aim to earn the Treasury an extra £5 billion a year.
“We inherited from the previous government a tax system that had more holes than a Swiss cheese and was more complex than a Rubik’s cube. The opportunities for those who wish to get away without paying were many and varied,” said Liberal Democrat chief secretary to the Treasury, Danny Alexander.
“Strict liability will bring an end to the defence of ‘I knew nothing, it was my accountant, m’lord”
He added: “We will increase financial penalties for offshore evaders, including, for the first time, linking the penalty to underlying assets. A billionaire evading £5m of tax will not just be liable for that £5m.”
A new document signed by Alexander and (Conservative) Chancellor George Osborne claims that under the new regulations, “it will no longer be possible to evade large sums of tax and plead ignorance in an attempt to avoid criminal prosecution.”
Financial firms and corporates caught facilitating tax evasion will be liable for fines equal or greater to the amount owed in tax, it says.
Names of tax evaders will also be published, increasing public scrutiny.
The US money market fund reforms came into effect in 2016 and are already dramatically shaping US fund industry with investors flooding out of prime funds and into government securities. While the reforms are similar, they are not the same. GTNews interviews Yeng Bulter, global head of the cash business at State Street Global Advisors on the differences.
As the May 25 deadline for Europe’s General Data Protection Regulation (GDPR) inches closer, many treasurers are being lumped with the task of ensuring their wider company is compliant.
APIs may be a solution to MT940 challenges, says Karen Fagan, treasury operation manager, for British television company, ITV.
#PSD2FinishLine recently started trending on Twitter. As the country slowly grows in excitement throughout the month of November, with the C-word on ... read more