The HMRC in the UK has boldly decided not to take any contingency measures with the Treasury in the event it should run into complications with the digitisation of the tax system.
The Public Accounts Committee (PAC) states that the governmental body remains below the general customer service standard, and have warned that action must be taken to ensure a credible plan is established to make the relevant savings without resulting in even worse service for those wanting to pay outstanding tax bills.
There remains an ongoing battle for increased tax transparency regarding large multinationals to ensure they are paying their fair share of taxes.
PAC is urging both the Treasury and the HMRC to take the lead for public country-by-country reporting, by pushing for global introduction agreements. The report states that while new information is being shared regarding multinationals’ tax arrangements, the current system allows the data to be supplied in confidence which is somewhat counterproductive to the regime.