HMRC is seeking comments on the governance process around determining non-compliance with the code of practice for taxation for banks, and the nature of the report to be published by HMRC.
HMRC is seeking comments on the governance process around determining non-compliance with the code of practice for taxation for banks, and the nature of the report to be published by HMRC.
Comments on the consultation document, titled Strengthening the code of practice on taxation for banks, should be submitted by 16 August 2013.
The consultation document states (at paras 1.6-1.9):
‘Although the code is generally operating well, it lacks public transparency ... HMRC is also aware of concerns from some stakeholders that a small number of banks may be interpreting the code differently from others. These concerns do not reflect the reality of the situation as HMRC applies the operation of the code consistently across the banking sector (subject to the present approach for ‘smaller banks’). Nonetheless, such perceptions potentially undermine the operation of the code ... The government therefore believes that now is the right time to strengthen the code, to cement the behavioural improvements and to ensure the long-term effectiveness of the code, by providing a legal basis for the naming of non-compliant banks and by providing full transparency around which banks have adopted the code and certainty that all banks are complying with the same commitments.’
HMRC is seeking comments on the governance process around determining non-compliance with the code of practice for taxation for banks, and the nature of the report to be published by HMRC.
HMRC is seeking comments on the governance process around determining non-compliance with the code of practice for taxation for banks, and the nature of the report to be published by HMRC.
Comments on the consultation document, titled Strengthening the code of practice on taxation for banks, should be submitted by 16 August 2013.
The consultation document states (at paras 1.6-1.9):
‘Although the code is generally operating well, it lacks public transparency ... HMRC is also aware of concerns from some stakeholders that a small number of banks may be interpreting the code differently from others. These concerns do not reflect the reality of the situation as HMRC applies the operation of the code consistently across the banking sector (subject to the present approach for ‘smaller banks’). Nonetheless, such perceptions potentially undermine the operation of the code ... The government therefore believes that now is the right time to strengthen the code, to cement the behavioural improvements and to ensure the long-term effectiveness of the code, by providing a legal basis for the naming of non-compliant banks and by providing full transparency around which banks have adopted the code and certainty that all banks are complying with the same commitments.’
