Energy and natural resources focus
On 17 April, the government published a second consultation document on a new criminal offence that will apply to companies that fail to prevent the facilitation of tax evasion by those associated with it. The new offence is one of a number of new initiatives designed to tackle offshore tax evasion and corruption.
The new offence is modelled on the Bribery Act 2010. In line with the Bribery Act, a company will have a defence where it can show that it put in place reasonable procedures to ensure that its associated persons did not facilitate tax evasion. The Treasury will publish guidance, with case studies, to assist companies in their interpretation of the offence and to consider what procedures they should have in place to prevent offending activity.
