Tax evasion

The Criminal Finances Act (CFA) places an additional burden on corporates through the offences on the failure to prevent the facilitation of UK or foreign tax evasion.

GoodCorporation’s Framework on Preventing Tax Evasion and the Facilitation of Tax Evasion is used by companies to review and assess their tax and payment structures.

This enables organisations to ensure that they can effectively mitigate the risk of facilitating tax evasion, either directly or via third parties such as tax advisers.

The framework can be used to evaluate the risks of facilitating tax evasion, as a tool to improve and as a means of measuring whether or not reasonable procedures are in place. This is a requirement of the Criminal Finances Act which requires companies to scrutinise their policies and systems around tax and payments extremely carefully.

There is a grey area between clever tax strategies and excessive tax avoidance. While careful tax planning may make sound business sense, from a reputational point of view, public opinion has an increasingly clear idea of what is right and what is wrong. Businesses need to understand this and act accordingly.

Guest at GoodCorporation's Business Ethics Debate on Preventing Tax Evasion

 

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