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Stop facilitating tax evasion, HMRC tells corporations.
Some 55% of FTSE100 companies fail to mention how they are managing the risks of tax evasion in their published documents according to research by Pinsent Masons.
The lack of communication by these companies on how they are managing this risk could cause concern for shareholders and other interested parties because this is an area of increasing reputational and financial risk.
It could also make it harder for companies to show they have taken ‘reasonable prevention procedures’ which is a key defence for a company found liable under new laws.
Jason Collins partner at Pinsent Masons said: ‘FTSE100 firms failing to address tax evasion could raise questions for stakeholders over their management of reputational and financial risks. Compliance practices at these firms are increasingly under scrutiny now that they are liable for tax evasion at any level. Financial services firms in particular will be...
