HM Revenue and Customs recently issued new rules for senior accounting officers in UK multinationals. The tax administration says companies with reasonable processes in place should not have to make significant changes to comply with the rules. Robert Thomas, European tax director at Xerox, considers whether or not this is the case.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
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