UK Issues Three Consultation on Proposals to Tackle the Hidden Economy

On 26 August 2016, UK HMRC issued three consultations on proposals to tackle the hidden economy, promote tax compliance and create a level playing field for UK business. The consultations are as follows:

• Tackling the hidden economy: extension of data-gathering powers to money service businesses, which seeks views on a proposal to extend HMRC’s bulk data gathering powers to include data held by money service businesses (MSBs) relating to their customers’ identities and aggregate transaction…