World Economy

Easy Escape

Easy EscapeEasy Escape

Britain’s decision to prosecute only one of 3,600 potential tax evaders whose Swiss bank-account details were leaked by a former employee of HSBC Holdings Plc, Herve Falciani, gives a signal that rich people can “get away” with dodging taxes, a cross-party panel of lawmakers said, Bloomberg reported. The UK misses out on £16 billion ($23 billion) in tax income each year as a result of tax fraud and the agency responsible for collection, Her Majesty’s Revenue & Customs, is not doing enough to tackle the problem, the House of Commons Public Accounts Committee said in a report published in London Friday.