A new program from His Majesty’s Revenue and Customs — Guidelines for Compliance (GfC) — propels this evolution forward and other jurisdictions may soon replicate the program.
Under the new compliance assurance ethos, the onus is put on taxpayers to prove that not only are their returns accurate, but that the governance and controls via which they are calculated are effective.
GfC take the form of a series of HMRC documents designed to clarify HMRC’s view on what they describe as “complex, widely misunderstood, or novel areas of the tax rules.”
While providing businesses with enhanced guidance, this program effectively provides HMRC with a further set of tax “guiderails” within which businesses must operate — or face the consequences.
Read more in EY article by Sam Gibb-Cohen, Director of Tax Controversy and Risk Management Services for Ernst Young LLP.
Additional information and links to past newsletters can be found in the attached PDF.
