|But which of the managers will ‘do the time’, as it is not the shareholders who make these decisions?|
The UK will bring forward plans to introduce a criminal offence for corporations who fail to stop their staff facilitating tax evasion, the PM announced in a statement to the Commons, ahead of next month’s summit to tackle corruption in all its forms.
For the first time, companies will be held criminally liable if they fail to stop their employees from facilitating tax evasion. At the March 2015 Budget the Chancellor said the government would be delivering on its pledge to introduce the measure in this Parliament. The move is part of the government’s efforts to clamp down on corruption in all walks of life. The government has already confirmed plans to create a cross-agency taskforce to investigate all evidence of illegality that has emerged from the so-called ‘Panama Papers’.