Commenting on the package of tax avoidance and evasion measures announced in today’s Budget, Chris Davidson, tax director at KPMG in the UK, said:
“Over the past few years it has become almost traditional for the Chancellor to announce a £5 billion package of tax avoidance measures. In this Budget, the Chancellor revealed £12 billion package designed to tackle avoidance and evasion representing a significant increase compared with previous fiscal events.
“Today’s red book includes a very long list of measures as part of this package but these don’t appear to total £12 billion so currently it is not obvious where the full amount is to come from. Importantly, however, most components of avoidance package are policy changes designed to make the system fairer rather than directly tackling avoidance or evasion.
“Overall, apart from the significant changes introduced as part of the OECD BEPS project to address perceived avoidance by multi-nationals (some of which come into effect as early as tomorrow), the Chancellor seems to have largely tinkered around the edges.”
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