On 30 September 2017, a new corporate offence came into force in the UK aimed at businesses that fail to prevent the facilitation of tax evasion. The new rules do not change the scope of what constitutes tax evasion in the UK, but puts a requirement on businesses to put in place various preventative procedures. In this webinar, we will walk you through the new offence, the defences available to businesses and the prevention procedures that you should be putting in place.
The new rules apply to incorporated companies and partnerships. If found guilty a business will:
The new offence will be committed where a business fails to prevent staff members from criminally facilitating tax evasion, regardless of whether the tax evaded is owed in the UK or in a foreign jurisdiction.
As the new offence is a strict liability offence, the onus is on the business to show it has put in place reasonable preventative procedures to prevent the facilitation of tax evasion. The UK Government has issued Guidance that sets out six principles it considers should inform business’ prevention procedures, including:
With the fast growth of China’s economy and the continuous improvement of the comprehensive strength of domestic enterprises, as well as the implementation of the “One Belt, One Road” policy, an increasing amount of Chinese enterprises are beginning to expand their global footprint and establish their presence in Europe.
TPA Global has developed a practical roadmap of 6 steps meant to guide CFOs in their Journey of rising above troubles to reach a situation of full control. These steps are presented in a series of short video clips (3-5 minutes):