Banks and other companies that are helping clients to evade taxes could face fines in the future. Reports suggest that chancellor George Osborne will use next month’s Budget to target tax evasion.
The comments come after HSBC’s Swiss arm has been accused of helping wealthy clients avoid paying taxes. Leaked bank account files, obtained through an international collaboration of media outlets show bankers helping clients evade tax and offering deals to help tax dodgers stay ahead of the law.
During a House of Commons debate, shadow chancellor Ed Balls accused Osborne of failing to act to the HSBC scandal. However, the chancellor suggests that bankers and accountants could face new financial and civil penalties for the role is tax avoidance in the future.
In response Osborne said, “Some very serious allegations have been about HSBC Swiss and its role in knowingly advising people on tax evasion. Of course this is a matter that our criminal authorities, prosecuting authorities will want to look into.
“We are currently in active discussion which I think will come to a fruitful end to get the French to allow us to pass some of this information on to the Serious Fraud Office and other prosecuting authorise to address the concern […] about the potential or alleged role of banks in this affair.”
He also argued that the HSBC scandal first came to light under the previous Labour government, in which Balls served as a Treasury adviser and as a Cabinet minister.
According to the Independent, Balls said that Osborne’s “bluster cannot hide his total failure to answer questions over the HSBC scandal”.
Photo: julian mason via Flickr
Like our Facebook Page
Can You Use Your PC In an Eco-Friendly Manner?
How Pain Management Hurts the Environment, and What You Can Do to Help
4 Countries That Have Banned Single-Use Plastic
What Is Your Carbon Footprint and How Can You Reduce it?
How Business Leaders Can Positively Impact Water Scarcity
Plant-Based Protein Coffee is Eco-Friendly & Healthy
Eco-Friendly Restaurants That Are Bringing the Outside Inside
5 Environmental Benefits of Custom Manufacturing
How to Reduce the Carbon Footprint of Your Office
Benefits of Starting an Eco-Friendly eCommerce Business
Brian Sheth and Sheth Sangreal Foundation Donate $15 Million to Global Wildlife Conservation
Eco-Friendly Gardeners Can Make Compost from Organic Waste
8 Great Tips to Find an Eco-Conscious Moving Company
Can Employers Help the Planet with Work from Home Policies?
Creating a Green Basement Environment for a Healthier Home
Switching to an Electric Car to Help the Environment? Here’s How to Find the Cheapest Insurance
More People Are Practicing Eco-Conscious Lawn-Care
Choosing the Best Air Filter as Pollution Levels Worsen
9 Tips to Write Stellar Papers as an Environmental Science Major
Why You Need to Know These Hard Facts About Ethical Investing
- Energy3 months ago
How To Choose the Right Solar Inverter for Your Home?
- Energy3 months ago
How to Choose the Best Solar Panel for Your Home
- Environment10 months ago
Importance of Using a Water Purifier in an Area with High Pollution
- Environment3 months ago
Reduce Industry Footprints with Sustainable Material Swaps