OECD: Tax Transparency In Latin America 2023
On 27 June 2023 the OECD published Tax Transparency in Latin America 2023, during the latest meeting of the Punta del Este initiative. The Punta del Este Declaration aimed to tackle tax evasion and avoidance and other financial crimes by promoting
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UK: Tax Gap for 2021/22
On 22 June 2023 HMRC published details of the UK’s tax gap for 2021/22. The tax gap is a measure of the difference between the amount of tax that should have been collected by HMRC, and the amount that was actually paid. The tax that should be
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UK: Consultation on HMRC’s Information and Data Gathering Powers
On 27 April 2023 the UK government published a consultation document with the title The Tax Administration Framework Review – Information and Data. The government requested input on HMRC’s information and data-gathering powers, and how they
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UK: More Severe Penalties for Promoters of Tax Avoidance
On 27 April 2023 the UK issued a consultation document on more severe penalties for promoters of tax avoidance, inviting comments from interest parties by 22 June 2023. Criminal offence for failure to comply with a Stop Notice The document
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South Africa: Peer Review on Transparency and Exchange of Information
The second-round peer review report on South Africa’s implementation of standards on the exchange of information on request was published by the OECD’s Global Forum on 9 November 2022. The report notes that South Africa is largely compliant with
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OECD: Peer Review Report on the Automatic Exchange of Financial Account Information
On 9 November 2022 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published a peer review report on the automatic exchange of financial account information. The Global Forum monitors and reviews the
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Israel: Peer Review on Transparency and Exchange of Information
The second stage, phase one peer review report on Israel’s implementation of standards on the exchange of information on request was published by the OECD on 9 November 2022. The first review noted that although a regulatory framework was in
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UN: Increasing Tax Transparency
At the meeting of the UN Committee of Experts on International Cooperation in Tax Matters from 18 to 21 October 2022 the Subcommittee on increasing tax transparency reported on its work program. The Subcommittee was formed to consider ways to
See MoreOECD: Tax Administration 3.0 and the Digital Identification of Taxpayers
During the plenary meeting of the OECD’s Forum on Tax Administration (FTA) held from 28 to 30 September, a report was released looking at the state of maturity of the use of digital identities within tax administrations. This was one of a number
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OECD: Impact of the International Academy for Tax and Financial Crime Investigation
On 22 September 2022 the OECD published an impact assessment of the International Academy for Tax and Financial Crime Investigation, based on an assessment carried out in 2021. The assessment looked at the impact on tax officials and on national tax
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OECD: Practical Guide on Capacity Building
On 7 September 2022 the OECD published a report on Tax Capacity Building: A Practical Guide to Developing and Advancing Tax Capacity Building Programmes. The report looks at considerations to be taken into account in formulating a tax capacity
See MoreUK: HMRC exercises new powers to combat electronic sales fraud
On 31 May 2022 HMRC announced that a number of businesses had been visited and some arrests made following the introduction of new powers to combat the use of electronic sales suppression (ESS) systems. Around 30 businesses, including including
See MoreUK: Research on Benefits of Money Service Businesses
On 9 May 2022 the UK government published the results of research commissioned by HMRC to understand the economic and social benefits of the Money Service Business (MSB) sector in the UK. MSBs are businesses that allow customers to send money,
See MoreOECD: Assessing Tax Compliance and Illicit Financial Flows in South Africa
On 25 April 2022 the OECD’s Centre for Tax Policy and Administration issued jointly with South Africa’s National Treasury a publication entitled Assessing Tax Compliance and Illicit Financial Flows in South Africa. Achieving the sustainable
See MoreEU: Pressure on member states to revise CBI/RBI schemes
Recently there has been increased pressure on European Union (EU) member states to scale back their schemes offering citizenship or residence in return for financial contributions. This reflects heightened security concerns in view of the current
See MoreUK: Finance Act 2022 receives Royal Assent
On 25 February 2022 the UK Finance Act 2022 received the Royal Assent. The Act includes a number of further measures to combat promoters of tax avoidance schemes. HMRC powers HMRC is being given the power to present a winding-up petition to
See MoreOECD: Building Effective Beneficial Ownership Frameworks
In November 2021 the Global Forum on Transparency and Exchange of Information for Tax Purposes, in collaboration with the Inter-American Development Bank (IDB), published a toolkit on Building Effective Beneficial Ownership
See MoreUK: Further Penalties for Promoters of Tax Avoidance
The UK budget announcements on 27 October 2021 included measures targeting persistent promoters and enablers of tax avoidance schemes. The proposals aim to facilitate the process for taxpayers to identify and exit avoidance schemes. This follows
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