Great Britain has published a plan about tax agreements till March 31, 2014

14.06.2013

The official website of the Her Majesty Revenue & Customs published a plan to tax treaties the UK till 31 of March of 2014.

The UK government has announced, that it considers as a priority until the end of March 2014 to start negotiations about the conclusion of tax treaties with Bulgaria, Tajikistan, Tanzania and Sweden.

Also, according to the published plan, United Kingdom plans to continue work on tax agreements with Austria, Belgium, Germany, Zambia, Iceland, Canada, Kosovo, Malawi, Panama, Portugal, Russia, Senegal, Thailand, Turkmenistan, United States, Croatia and Japan.

In addition, negotiations about the conclusion of agreements about the exchange of tax information would be kept with Andorra, Macau and Monaco.

Based on:

www.hmrc.gov.uk

Expert’s opinion

Well, life dictates its own rules and the conclusion of the agreements about avoiding double taxation and agreements about the exchange of tax information becomes an integral part of any civilized state. And if earlier such agreements were conducted to protect businesses from double taxation, now those agreements protects the country from the tax evasion and possible losses to the country`s budget.

Not paying taxes is not popular anymore! The phrase: “Pay taxes and sleep well!” – became sensible and unfunny. The question is only about the amount of the tax.

And about the agreement, it doesn’t provide the automatic exchange of information between tax authorities. Information would be presented only after request of tax authority on the particular issue.

So, the main idea is- during the building of your own business, you shouldn’t try to make illegal savings, because the avaricious pays twice

Irina Lomakina ( Director of Moscow office of “Honest&Bright” Company)