Financial Transparency Coalition

H M Revenue & Customs has, as many will be aware, announced a new penalty regime for offshore disclosures. As they say:

These new penalties come into force from 6 April 2011 and apply to Income Tax and Capital Gains Tax. The legislation can be found in Schedule 10 of Finance Act 2010. The new penalty is an enhancement of the penalties for

Transfer pricing, specifically the abuse-thereof, has found itself in the spotlight recently. This highly technical accounting procedure, which multinational corporations use to shift assets between subsidiaries, went years without much media or congressional attention. That all seems to have changed. (Of course, not all transfer pricing is abusive, but I'm not going to try to explain the intricacies of transfer pricing in this post—my colleague Collin Swan did a pretty good job of that here last week.) Abusive transfer pricing is a serious problem which began to seriously attract media attention after Jesse...

FT.com / Entrepreneurship - Tax crackdown defended.

A leading adviser on research and development tax credits has leapt to the defence of HM Revenue & Customs (HMRC), claiming its officers are right to crack down on those trying to exploit the system.

Peter Denison-Pender, managing director of Alma Consulting, refuted claims made by accountancy Grant Thornton earlier this month that tax inspectors were being unfairly tough with companies seeking R&D tax credits.

“HMRC is not the bad guy here,” Denison-Pender said. “All they are doing is clamping down on...