The UK will bring forward plans to introduce a criminal offence for corporations who fail to stop their staff facilitating tax evasion, the Prime Minister has announced in a statement to the Commons, ahead of next month’s summit to tackle corruption in all its forms.
For the first time, companies will be held criminally liable if they fail to stop their employees from facilitating tax evasion. At the March 2015 Budget the Chancellor said the government would be delivering on its pledge to introduce the measure in this Parliament. The Prime Minister has confirmed that the offence will be introduced in legislation this year.
The move is part of the government’s efforts to clamp down on corruption in all walks of life. The government has already confirmed plans to create a cross-agency taskforce to investigate all evidence of illegality that has emerged from the so-called ‘Panama Papers’.
Prime Minister David Cameron said:
This government has done more than any other to take action against corruption in all its forms, but we will go further.
That is why we will legislate this year to hold companies who fail to stop their employees facilitating tax evasion criminally liable.
On 12 May, the Prime Minister will host the London Anti-Corruption Summit aimed at stepping up global action to expose, punish and drive out corruption in all walks of life.
The summit will seek to galvanise a global response to tackle corruption. As well as agreeing a package of actions to tackle corruption across the board, it will deal with issues including corporate secrecy, government transparency, the enforcement of international anti-corruption laws and the strengthening of international institutions.
It will be the first summit of its kind, bringing together world leaders, business and civil society to agree a package of practical steps to:
- expose corruption so there is nowhere to hide
- punish the perpetrators and support those affected by corruption
- drive out the culture of corruption wherever it exists
- Mini-Budget delivers some big changes - September 29, 2022
- Relief scheme takes the heat off energy bills - September 27, 2022
- Mini-Budget 23 September 2022 - September 23, 2022
- Businesses face rebranding following Queens death - September 22, 2022
- Prepare your business for the next big challenge - September 20, 2022
- We need to do things differently says Chancellor - September 16, 2022
- Tough new rules to protect against cyber attacks - September 13, 2022
- Energy bill support for families and businesses - September 12, 2022