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Article:

The changing world of global tax transparency

12 September 2018

Over recent months, we have been producing a range of guidance and commentary on the ever-changing world of global tax transparency. With ramifications for private individuals, corporates, charities, trustees and intermediaries, increases in regulation and expectations of increased reporting have meant that all affected parties must take immediate steps, and be prepared for the future.

Take a look at our recent video updates on the topics, and how the upcoming changes for both corporates, advisers and individuals are increasingly interlinked.

  • Following the introduction of the common reporting standard, the OECD's global standard for the automatic exchange of information, there is a worldwide drive for greater transparency. Our interactive transparency map is a useful tool to understand the impact of the Common Reporting Standard (CRS), and links through to our general guidance on Tax Transparency.
  • Our Automatic Exchange of Information (AEOI) quick-check tool enables organisations to work out whether they are classed as a Financial Institution, and therefore expected to report on a range of information as part of the CRS.As we approach the Requirement to Correct deadline on 30 September 2018, advisers and taxpayers need to be aware of the increasing global scrutiny on their local and offshore tax affairs.

In the first of our trio of videos, Paul Crean talks about AEOI and its role in this ever-changing world:
 


 

  • The Requirement to Correct (RTC) is a statutory obligation for taxpayers with overseas assets to correct any issues with their historic UK tax position. Those who fail to do so face punitive financial penalties and other severe sanctions.  Our RTC ‘hub’ is a central place to keep up with the guidance and legislation on the RTC as we approach the implementation deadline on 30 September 2018.

    Our latest blog on the issue summarises what advisers and individuals need to know now, with less than a month to go.

In the second of our videos, Dawn Register summarises the RTC and what the expectation will be on taxpayers before and after the deadline:
 


 

  • The new Corporate Criminal Offence of Failure to Prevent the Facilitation of Tax Evasion (CCO) legislation came into force on 30 September 2017 as part of the Criminal Finances Act 2017 and applies to all companies. Organisations are required to assess and manage their level of tax risk in relation to the facilitation of tax evasion, which stretches to the actions of ‘associated persons’, including employees, contractors, agents and other third party organisations. HMRC expects businesses to carry out a risk assessment in order to ascertain their level of risk and what procedures (if any) are reasonable.

In our third video, James Egert outlines the CCO requirement and its role as one more level of tax transparency and reporting expected by HMRC: