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The overseas latest information.

First due date of Tax Strategy Disclosure in UK is approaching

Thursday February 1st, 2018Europe

The requirement of Tax Strategy Disclosure based on the Finance Bill 2016 is also applicable to the Japanese companies located in the UK, where their group is subject to the country-by-country reporting regulations, even if the UK entity is a SME. While some Japanese companies have already disclosed their tax strategy through their global company website, the end of March is the first due date for the companies of which fiscal year end is March. The explanations of tax strategy include; how the company manages the tax risks, the company’s attitude to tax planning, tax risks and working with HMRC. The penalty is up to GBP 7,500 for the first 6 month.

Referencehttps://www.gov.uk/guidance/large-businesses-publish-your-tax-strategy