Many firms unprepared for new tax-dodging rules
UK companies may not be prepared for new tax evasion laws coming into force this Saturday, according to Blake Morgan, which fears “many” commercial and non-profit firms may be at risk of fines under the new Criminal Finances Act 2017. The law firm said companies must prove they have “reasonable” policies and procedures in place to prevent employees, agents and joint venture partners from facilitating tax evasion in the UK or abroad. Simon Stokes, a commercial partner at Blake Morgan, said: “Having proper procedures in place that identify and mitigate tax evasion facilitation risks will significantly reduce the risk of prosecution, and ought to provide a good defence if required”.
Source: Daily Mail (26/09/2017)