In a shocking revelation, the UK’s ‘Big Four’ audit firms – KPMG, Deloitte, PwC, and EY – have never been investigated by HM Revenue & Customs (HMRC) over their alleged involvement in devising tax avoidance schemes. A Freedom of Information request revealed that despite the firms’ potential role in facilitating tax evasion, HMRC has not pursued any inquiries. The Big Four, which audit 99% of FTSE 100 companies, have been accused of designing complex tax structures for clients to avoid paying UK taxes.
This information comes amidst growing concerns about the role of accountancy firms in enabling tax avoidance. The Public Accounts Committee (PAC) previously accused these firms of using their knowledge of tax laws to help clients avoid paying their fair share. The PAC even called for a crackdown on these firms. The Big Four, however, have consistently denied any wrongdoing, maintaining that they merely provide advice within the law’s boundaries.
This revelation raises serious questions about the effectiveness of HMRC and its ability to hold powerful entities accountable. Critics argue that HMRC’s lack of action against these firms demonstrates a failure to tackle tax avoidance head-on. The issue of tax avoidance remains a contentious topic in the UK, with many calling for stricter regulations and more robust enforcement mechanisms.
Go to source article: http://www.independent.co.uk/news/uk/crime/emb-0000-big-four-audit-firms-never-examined-over-illegal-tax-plans-a6818126.html