Action under employment law may also be taken against an employee who, by disclosing information, breaches a contract with his or her employer. Accounting standards and audit provisions used in the UK are the Generally Accepted Accounting Principles of the Accounting Standards Board. U.S. exporters and investors will find little of no difference between the United States and the United Kingdom in the conduct of business. No activities that add value to the commodities is permitted within the Free Trade Areas - these are reserved for bonded storage, and cargo consolidation and reconfiguration. Local and foreign-owned companies are taxed alike.
Inward investors have access to certain grants and incentives, but no tax concessions are granted.
A change in the basis of corporate tax calculation will be implemented in April 1999. Currently, tax is paid in arrears, based on the actual profit or loss. In future, tax will be collected quarterly in advance, based on the company's predicted profit or loss. For individuals, a series of tax treaties protects foreign nationals against double taxation. Prompt payment is encouraged by government and industry, but there is no tradition of providing an additional discount for early settlement of accounts.