A study by PricewaterhouseCoopers (PWC) reveals only a quarter of chief executive officers (CEOs) of British companies are in favour of governments driving convergence – most are opposed to any effort to converge with global tax and regulatory systems.
By contrast, CEOs in 49 countries outside the UK supported the idea of greater convergence at 53%. The figure jumped to more than 70% in the emerging economies of Brazil, India and Russia, as well as in Italy and Germany, GAAPweb.com reports.
Richard Collier, PwC UK head of tax, said he was not surprised that UK CEOs were eager to maintain control of the country's tax regime. ‘Clearly they are wary of convergence of international tax systems, no doubt fearing this would lead to more complexity, uncertainty and time being spent on dealing with red tape,’ he said.
Another newly released report by the Confederation of British Industry has found British businesses will pay another £4.2bn in taxes over the next three years, despite a cut in the headline rate of corporation tax.
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