Every week, KPMG member firms around the world publish updates on developments in their country. Week in Tax highlights a selection that may be of interest to our readers.
The OECD has released an update on country by country (CbC) reporting implementation status and exchange relationships between tax administrations, along with the full list of automatic exchange relationships now in place.
The Upper Tribunal has refused an application to suspend tax related penalties in excess of £1 million for non-compliance with information notices under Schedule 36 FA2008. The taxpayer had applied for the penalties to be suspended until his appeal was decided in the Court of Appeal.
The latest Pulse of Fintech report showed that UK fintech investment bounced back in the first quarter of 2017.
Analysis by KPMG in the UK of notices in the London Gazette shows that the number of companies entering administration nudged up from 294 in Q4 2016 to 297 in Q1 2017.
The UK Criminal Finances Bill received Royal Assent earlier this week, meaning that corporations will now face the risk of an unlimited fine and a criminal conviction if any employee facilitates tax evasion. James Siswick, a partner in risk consulting at KPMG in the UK, considers the high level implications of what the Bill means for banks and financial institutions.