On October 6, HMRC released the full details of its controversial deal with Switzerland, designed to enabling the taxation of undeclared assets hidden in Swiss bank accounts in return for account holders retaining their anonymity. Just five years ago, such an agreement would have been unheard of, but the political landscape has facilitated a much more global approach to tackling tax evasion.
This is the second groundbreaking tax agreement signed by the UK in a number of years – following hotly on the heels of the Liechtenstein Disclosure Facility (LDF), a partial amnesty negotiated with Liechtenstein two years ago – and many are seeing this as just the tip of the iceberg.
As governments across the globe try to minimise their deficits by tapping into unpaid tax bills, “tackling offshore tax evasion” has become the buzz phrase of the moment. The past month alone clearly indicates the political will to deal effectively with the issue.
Detailed news link: here