The Corporate criminal tax offence comes into force
With effect from 30 September 2017, the new corporate criminal tax offence came into force.
Under the new offence of failure to prevent the facilitation of tax evasion, companies could be found criminally liable if they fail to take reasonable steps to prevent facilitation of tax evasion. If found guilty, companies may be liable to an unlimited fine, reputational damage and even exposure to criminal prosecution.
Companies must take action now to ensure that reasonable prevention procedures are in place. These measures will guard against the facilitation of tax evasion and also provide the strongest possible defence in the event of a future problem.
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