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Fighting tax crime
Key points
- In June 2021 the OECD published the second edition of Fighting Tax Crime: The Ten Global Principles which measures 33 jurisdictions’ progress in tackling tax crime against its ten principles.
- HMRC has legislation in place to criminalise tax evasion but it also operates a generous immunity policy for those who have committed tax crime which may have led to a relatively low level of prosecutions.
- Fines imposed for tax crime in 2016 were relatively low in the UK at €0.8m compared to €2 077m in the US. The reasons for this huge disparity could be manifold – but the answer is likely to be complex.
- One of the OECD’s updated principles concerned tackling enablers of tax evasion which HMRC was already pursuing with vigour.
- Another principle suggests each fraudster should be investigated and prosecuted but with global economic disruption due to...
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