PwC Webcast: Managing uncertainty around customer and investor tax transparency initiatives

On 8 September 2015, PwC will be hosting a one-hour Webcast (Link to Registration) starting at 9:00EST/ 14:00BST / 15:00CET on the topic of:

Managing uncertainty around the Common Reporting Standard (CRS) and the recent consultation documents on tackling tax evasion in the UK.

The objective of this webcast is to provide participants with important information regarding CRS, including the revised Directive on Administrative Cooperation (DAC) to support their organisations in being prepared for the 1 January 2016 go-live date in the UK.

Outstanding questions and uncertainty on implementation of CRS and DAC in the UK

We expect that HMRC soon will release draft Guidance on CRS and DAC and we have already begun to see evolving guidance in other jurisdictions; however, at present financial institutions are principally implementing the OECD Commentary to the Competent Authority Agreement (CAA) published in July 2014. The lack of local regulation and guidance to confirm how FATCA guidance interacts with CRS has left important questions about how to proceed unanswered.

Chris Orchard from HMRC will join Neil Higgins from PwC to discuss the UK approach to implementing CRS.

Discussions regarding the proposed corporate criminal offence of failure to prevent tax evasion

HMRC has issued a series of consultation documents regarding further measures to tackle offshore tax evasion, including a proposed new corporate criminal offence of failure to prevent tax evasion.

Under this corporate offence, corporations may need to demonstrate that they have taken reasonable steps to prevent their employees or agents from facilitating tax evasion.  This proposed offence could be relevant to any organisation with private clients, including banks, trust companies, insurers and asset managers.

Philippa Madelin from HMRC and Anthony Whatling from PwC will discuss the background and possible implications of these proposed offences, and will look to address the following questions:

  • Are further measures necessary given the onset of Automatic Exchange of Information to prevent offshore tax evasion?
  • If the corporate criminal offence is enacted, what kinds of “reasonable steps” would HMRC expect organisations to take?

Click on the following link to open the webcast registration page: https://event.webcasts.com/starthere.jsp?ei=1075124

Pre-registration is available and encouraged.

**You may log in starting 15 minutes before the webcast begins.

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