The Treasury Committee in the UK recently opened an inquiry on Tax Avoidance and Evasion. With the investigation, the government hopes to examine what progress has been made in reducing the amount of tax lost to avoidance and offshore evasion and whether HMRC has the resources, skills and powers needed to bring about a real change in the behaviour of tax dodgers and those who profit by helping them.
The inquiry consists of six questions, and submission of evidence in response to any of the questions should be sent by May 31, 2018. The questions are:
The overseas territories and Crown Dependencies of the UK have announced to be ready to collaborate with the country’s inquiry into tax evasion and avoidance, including Guernsey. But there are opinions arguing the implementation of CRS, as well as other anti-avoidance rules have reformed the alleged offshore finance service industry in recent years, with doubts whether such inquiry is necessary or not.
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):