Key UK tax and accounting compliance initiatives, such as the tax code of conduct for banks and the Senior Accounting Officer (SAO) legislation, as well as International Financial Reporting Standards (IFRS), are all in the sights of the panel set up by the Parliamentary Commission on Banking Standards (PCBS) to look at tax, audit and accounting.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap