MPs Criticize HMRC for Underestimating Tax Evasion

MPs Criticize HMRC for Underestimating Tax Evasion


The Public Accounts Committee has criticized HMRC for significantly underestimating tax evasion losses, which are officially reported at £5.5 billion for the 2022-23 fiscal year. The committee suggests that the actual figure is likely much higher and has urged HMRC to develop a clearer strategy to combat tax evasion. They also recommend improved collaboration between HMRC, Companies House, and the Insolvency Service to close loopholes that facilitate tax evasion. 



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