A round up of other news this week.
The new corporate criminal offences of failing to prevent tax evasion have come into effect as from 30 September 2017. The new offences will make relevant bodies liable if they fail to prevent those acting on their behalf from criminally facilitating tax evasion. For more information, please see our previous Tax Matters Digest article on this topic, and if you have any questions on the implications of this for your business, then please get in touch with Chris Davidson.
The European Commission has provided an update on its plans for EU VAT reform. The proposals are intended to tax sales of goods from one EU country to another in the same way as goods sold within individual Member States. This is intended to make VAT simpler and more consistent across the EU, as well as aiming to tackle fraud. The proposals also introduce Certified Taxable Persons – a category of trusted business that will, according to the Commission’s press release, benefit from simpler, time-saving rules. As well as the proposed reforms, four 'quick fixes' have also been proposed, which are planned to come into force on 1 January 2019. These measures are intended to improve the day-to-day functioning of the current EU VAT system until the proposed reforms are agreed and implemented. Further details can be found on the Commission’s webpage.
KPMG in the US have published the results of their survey of more than 245 companies across the US on the implementation of new revenue recognition standards from the Financial Accounting Standards Board.