In any tax system, a high level of certainty is required for both ease of tax administration and the efficient collection of tax liabilities. Likewise, for companies and their stakeholders, domestic and international tax-related certainty is a fundamental goal. The UK’s EU referendum and potential exit from the European Union represent serious threats to this desired stability. And the biggest challenge businesses will face from a potential “Brexit” will be negotiating the resulting uncertainty.
Today UK Chancellor of the Exchequer, George Osborne, announced the UK Budget for the year 2016/17. Here is a summary of the new Budget’s key measures.
Taking the time to research laws and documentation requirements for foreign countries can be challenging and time-consuming. But not doing so poses serious risks for your company’s pocketbook and reputation. Penalties for neglecting to file documents, reporting information incorrectly or failing to pay taxes can be severe enough to spark civil or even criminal legal proceedings against your company’s directors. And pleading ignorance of such obligations is no defense.