Or else they get Gauked...
"The government wants the UK’s largest businesses to sign a voluntary code of conduct on tax which would see them renounce aggressive tax planning and vow to follow the spirit as well as the letter of the law.
Big businesses would also be obliged to publish an annual tax strategy, signed off by a named executive at board level, under new rules proposed by HM Revenue and Customs.
“It is clear that attitudes to aggressive tax planning are changing,” said financial secretary David Gauke, in his introduction to a consultation document published on Wednesday. “The public, investors and stakeholders now expect higher standards of tax compliance and more transparency from large businesses about the way they approach taxation.”
Gauke said there were “still a small number of businesses which simply do not play by the rules – persistently engaging in tax avoidance or highly aggressive tax planning”.
Each company will have to articulate their appetite for risk in tax planning, and say whether they “seek to work in accordance with the spirit – in addition to the letter of the law”."
Source: Big businesses should agree to renounce aggressive tax planning, says HMRC | Business | The Guardian
AtW's comment -
"The government wants the UK’s largest businesses to sign a voluntary code of conduct on tax which would see them renounce aggressive tax planning and vow to follow the spirit as well as the letter of the law.
Big businesses would also be obliged to publish an annual tax strategy, signed off by a named executive at board level, under new rules proposed by HM Revenue and Customs.
“It is clear that attitudes to aggressive tax planning are changing,” said financial secretary David Gauke, in his introduction to a consultation document published on Wednesday. “The public, investors and stakeholders now expect higher standards of tax compliance and more transparency from large businesses about the way they approach taxation.”
Gauke said there were “still a small number of businesses which simply do not play by the rules – persistently engaging in tax avoidance or highly aggressive tax planning”.
Each company will have to articulate their appetite for risk in tax planning, and say whether they “seek to work in accordance with the spirit – in addition to the letter of the law”."
Source: Big businesses should agree to renounce aggressive tax planning, says HMRC | Business | The Guardian
AtW's comment -
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