A consultation paper published by the UK tax authority, HMRC, has proposed that the authority be granted new powers to help it regulate the 'hidden economy'. Under the powers HMRC has asked to be granted, it would be able to demand aggregated and transactional level data from digital wallet providers, and other types of payment provider. In a bid to keep up with how quickly online money management systems are developing, HMRC also proposed that the legislation is “future-proofed” so similar data can be requested from any new business models as they emerge. The proposals are part of a wider review into how HM Revenue & Customs can better tackle money laundering in the UK.
A consultation paper published by the UK tax authority, HMRC, has proposed that the authority be granted new powers to help it regulate the 'hidden economy'. Under the powers HMRC has asked to be granted, it would be able to demand aggregated and transactional level data from digital wallet providers, and other types of payment provider. The proposals are part of a wider review into how HM Revenue & Customs can better tackle money laundering in the UK.