UK authorities are not doing enough to make tax amnesties attractive to those hoarding wealth offshore, according to new research.
With many countries, including the UK, seeking to bring wealth back from offshore and into the national tax regimes, it's vital to put in place tax amnesty's that will encourage such movement. That's the conclusion of a major new study by research firm Datamonitor.
There are five factors that will determine an amnesty’s success according to Datamonitor's findings:
- Structural changes in the home market
- The attractiveness of the terms of the amnesty
- Frequency of announced amnesties in the country.
- Enforcement powers/threat of non-compliance
- How well publicised the enforcement measures are