CloT Criticises Criminal Finance Bill

The Chartered Institute of Taxation’s (CIoT) tax policy director John Cullinane has criticised the Criminal Finances Bill, which was confirmed to be going ahead in the Queen’s Speech.

Plans were set  to make it an offence for companies that don’t prevent their staff evading tax evasion, however this has been heavily criticised by the leading tax institute, stating that it will be “very problematic” to hold companies responsible for an individual’s actions.

There is concern that this will clash with similar laws already in place.

They feel that the plans should be gradually phased in to allow businesses to adapt and feel that it should be set out clearly.

David Cameron said at the Anti-Corruption Summit in London that the government would look to cover money laundering.

To find out more contact us for more information.