Budget 2006: More anti-avoidance measures expected

Article Abstract:

More anti-tax avoidance measures are expected in the 2006 Budget statement, set for March 22, 2006, as the chancellor continues to attempt to plug the tax gap. Tax analysts warn that new legislation will hit at avoidance schemes that are discovered through the disclosure rules, particularly in the case of stamp duty land tax, while an update on changes to the disclosure rules is also on the cards, because the number of disclosures is falling and Revenue and Customs seems keen to assume the worst.

Tax Law, Public Finance Activities, Tax evasion, Disclosure (Taxation)

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Audit fees creep up

Article Abstract:

The reasons associated with the estimates of rising audit fees in the year 2004 and 2005 are discussed. One major reason behind the rise is the increasing and changing regulations, such as Sarbenes-Oxley and introduction of International Financial Reporting Standards (IFRS).

Reporting & Disclosure, Financial statements, Professional fees

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