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HMRC propose measures to improve large business compliance
HMRC have published a consultation Improving large business compliance. It includes these proposals:
- a legislative requirement for large businesses to publish their tax strategy;
- a voluntary “code of practice on taxation for large business” setting out the behaviours that HMRC would expect from such organisations; and
- a narrowly targeted “special measures” regime to tackle businesses that undertake aggressive tax planning or persistently refuse to engage with HMRC openly and collaboratively.
Responses should be submitted by email.
Chas Roy-Chowdhury ACCA’s head of taxation has urged restraint in response to HMRC’s consultation on improving large business tax compliance.
He was concerned “looking at the rhetoric” in the document that “HMRC are appointing themselves judge jury and executioner when it comes to businesses engaging in what it considers to be ‘high risk behaviours’”.
He said...
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