The product, know as ‘Blips’ did not satisfy tax rules, according to Mark Watson, a former partner in the firm’s Washington office. He claimed there was no economic substance behind their complex transactions, the Financial Times reported.
The accusations were made to a congressional panel yesterday, which was told that Blips generated over £1bn (£591m) in unlawful tax benefits for KPMG clients in less than a year.
Deloitte surveyed 124 CFOs and found that uncertainty levels are still high since the Brexit result.
HMRC has defeated a tax avoidance scheme used by Greene King and marketed by EY, protecting around £30m in tax.
Businesses will have to think more strategically about where they can source those non-audit services in the future
Powell, who recently stepped down as chairman and senior partner at PwC, is set to join FTSE 100 firm Capita