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| New initiatives to tackle International tax avoidance |
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The influence of the global economic downturn on the tax avoidance industry was one of the key issues for leaders of the Joint International Tax Shelter Information Centre (JITSIC) in Kyoto. JITSIC was established in 2004 by the tax administrations of Australia, Canada, the United Kingdom and the United States, to supplement the ongoing work of the Australian Taxation Office, the Canada Revenue Agency, HM Revenue & Customs, and the Internal Revenue Service in identifying and curbing tax avoidance and shelters and those who promote them and invest in them. The JITSIC countries have agreed to continue their joint efforts to curb abusive tax avoidance transactions, arrangements, and schemes and to broaden JITSIC's activities against cross-border transactions involving tax compliance risk. Use of off-shore arrangements to avoid tax will also come under close scrutiny. There will also be a fresh focus on the ways in which some high wealth income taxpayers artificially minimize their tax liabilities. The Right Honourable Stephen Timms MP, Financial Secretary to the Treasury said: "The vast majority of taxpayers pay their fair share and do not seek to avoid their financial responsibilities. The avoidance industry seeks to profit from enriching those who are prepared to seek an unfair advantage over those who play by the rules. This in turn denies member countries vital financial resources. It is these injustices that JITSIC tackles and I am delighted that in doing so it goes from strength to strength." Dave Hartnett, HMRC Permanent Secretary for Tax said: "JITSIC's work has led to major improvements in international tax compliance and much improved co-ordination of the international drive to combat unfair tax avoidance. JITSIC is adapting fast to global economic circumstances by concentrating on the effects of the world economic down turn to ensure that member states will not be unfairly denied vital tax revenues."
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About The Author  Sarah Laing Sarah is a Chartered Tax Adviser. She has been writing professionally since joining CCH Editions in 1998 as a Senior Technical Editor, contributing to a range of highly regarded publications including the British Tax Reporter, Taxes - The Weekly Tax News, the Red & Green legislation volumes, Hardman's, International Tax Agreements and many others. She became Publishing Manager for the tax and accounting portfolio in 2001 and later went on to help run CCH Seminars (including ABG Courses and Conferences). Sarah originally worked for the Inland Revenue in Newbury and Swindon Tax Offices, before moving out into practice in 1991. She has worked for both small and Big 5 firms. She now works as a freelance author providing technical writing services for the tax and accountancy profession. |
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Article Added Monday, 26 January 2009 | 1192 Hits |
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