Report: UK Renews Crackdown On Tax Evasion
“The U.K. renewed its attack against offshore tax evasion with plans to publish a new compliance strategy around the overseas entities that wealthy individuals use to conceal their assets,” according to a report from Bloomberg.
The story said, “The U.K. renewed its attack against offshore tax evasion with plans to publish a new compliance strategy around the overseas entities that wealthy individuals use to conceal their assets.
“The move ‘will build on the substantial progress the U.K. has made in tackling offshore tax evasion’ since the government launched its last plan in 2014, the U.K. Treasury said Monday as part of its 2018 budget.
“Offshore evasion is illegal and harmful,” the U.K.’s tax agency said in a 2014 strategy paper on the matter. “It is unfair that those who can afford to use expensive offshore banks and complex financial structures can evade their responsibility to pay the taxes which fund vital public services.”
Read the full story here on the Bloomberg website.
