Seth Terkper, Ghana’s finance minister, has told a meeting in London attended by tax directors from leading multinational companies that tax evasion means that some countries cannot achieve targets for development and investment. Cooperative compliance, which seeks to identify potential problems before they arise, was highlighted as a key tool for creating trust between taxpayers and officials.
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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