There is no duty for companies to mitigate tax bills for shareholders’ benefit, says law firm Farrer & Co, reports Calum Fuller
The losses are mainly due to fraud, although late payments, bankruptcies and administrative errors also play an important role
At least two Swiss banks are now asking French clients for proof they are not dodging tax, a newspaper said Sunday, as France and other countries step up the fight against tax evasion.
A circular issued by Haris Theocharis, Secretary-General for Public Revenues, also envisaged asset seizure and their auctioning off with fast-track procedures.
But the news that the European Commission has launched a probe into the tax activities of some member states, including Ireland, has added a fresh element to proceedings.
Belgian State Secretary responsible for combating tax fraud, John Crombez, has announced that the Government expects to exceed its target for recovering evaded taxes in 2013.
Ian Gorham , chief executive of Hargreaves Lansdown, said the introduction of what the group is calling a 'discount tax' is "extremely disappointing news and an attack on the small investor".