Huge multinational companies that dodge millions of pounds in tax in the UK and around the world face “laughable” fines of £300 under new rules proposed by HM Revenue and Customs.
The paltry penalties for corporations that file late or inaccurate tax records are dwarfed by the millions in potential profits for those that take advantage of international tax-avoidance schemes.
Under a new “tougher” regime to curb multinational tax avoidance, Treasury officials are proposing an initial fine of £300 for late corporation tax records, followed by £60 for each additional day they are late. Businesses failing to declare for a year would face a maximum fine of only £22,140.
Those filing inaccurate returns face a maximum fine of £3,000. (Currently, companies who file one day late face a £100 penalty and those who file six months late face a penalty calculated at 10 per cent of the estimated tax bill.)
Campaigners are angry that the proposed new rules also limit the number of multinationals that would be forced to reveal to UK tax authorities detailed information for each country they operate in. Full story...
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The paltry penalties for corporations that file late or inaccurate tax records are dwarfed by the millions in potential profits for those that take advantage of international tax-avoidance schemes.
Under a new “tougher” regime to curb multinational tax avoidance, Treasury officials are proposing an initial fine of £300 for late corporation tax records, followed by £60 for each additional day they are late. Businesses failing to declare for a year would face a maximum fine of only £22,140.
Those filing inaccurate returns face a maximum fine of £3,000. (Currently, companies who file one day late face a £100 penalty and those who file six months late face a penalty calculated at 10 per cent of the estimated tax bill.)
Campaigners are angry that the proposed new rules also limit the number of multinationals that would be forced to reveal to UK tax authorities detailed information for each country they operate in. Full story...
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