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Timms: Crack down on tax cheats

Stephen Timms, financial secretary to the Treasury, has urged governments worldwide to crack down on tax cheats ahead of the G-20 summit in Pittsburgh next week. Speaking to the International Conference on Tax Analysis yesterday, Timms said the government's pre-Budget report will set out new rules for a disclosure programme in order to increase 'penalties for the non-compliant' and give HM Revenue & Customs more information on anyone using schemes. 'New powers to tilt the game back towards honest, hard working taxpayers,' he said. Timms said the government was also looking not only to those with offshore accounts, but at those people closer to home, who abuse the benefits tax system in the UK. 'We have raised our game on domestic evasion,' he said, claiming that anyone who evades tax of more than £25,000 will be named and shamed - by having their names and addresses published along with details of the tax they evaded and any penalties incurred. Speaking ahead of next week's G-20 summit, during which governments are expected to tackle the issue of tax havens, Timms said Luxembourg, Singapore, and Switzerland among others are adopting the Organisation for Economic Cooperation and Development's standard on transparency and signing Tax Information Exchange Agreements.
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