HMRC RTI Services Crusade Against Tax Evasion and Avoidance

Online, June 6, 2013 (Newswire.com) - Six more countries namely the Cayman Island, the British Virgin Islands, Caicos Islands, Anguilla, Turks and Montserrat have reported thousands of miscreants fiddling with tax payments. This definitely has increased problems for HM Revenue & Customs Department. As a result HMRC has mandated that all these countries should agree to a treaty that is designed to push the automatic exchange application bilaterally with United Kingdom and Multilaterally with The General 5 - The United Kingdom, Italy, Germany, France and Spain within the upcoming six months.

But at this critical hour when the HMRC is experiencing considerable changes, many critics are questioning if it is alright for HMRC to effectively collect and perform on the info that will be provided by the tax payers. However it is very early to comment on HMRC's performance and experimentation with administering real time PAYE for about 211,000 people, which is just an estimated number.

But HMRC RTI services it is hoped will leave a positive impact on the future as contracts of such types is already running successfully in Jersey, The isle of Man and Guernsey.

However there is a lingering argument about how HMRC will curb and regulate the pressure on taxman who will be at charge to create more revenue sources, inspite of being under-resourced as in terms of manual labour and funds.

To this HMRC rti has reacted saying that as of now they will concentrate on expanding the knowledge pool available to taxman and with time they hope it will become a powerful platform to protest against tax avoidance and evasion.