MEASURES to overhaul multinational taxation and create reliefs for intellectual property fail to push reform beyond previous suggestions, say advisers.
Chancellor George Osborne's proposals, which he described as the most significant tax reforms "in a generation", include setting a partial corporation tax exemption for foreign groups' finance companies and a 10% rate for profits made on new intellectual property.
Deloitte tax policy head Bill Dodwell said the proposals failed to move on ideas proposed by the Labour government, reported the FT.
"There is no more ambition than we had seen under the previous government," said Dodwell.
E&Y's Chris Sanger said corporates would have breathed a "sigh of relief" at the proposals, but warned that new rules for intellectual property only benefited patents rather than to royalties and brands.
Osborne does not have an idea in his head about tax.
He has used the same Treasury seconded Big Four consultants as Darling did.
And they are not exactly going to tear up their own work are they?
The only way to get real change is total transparency so that those not on the gravy train can have input.
Posted by: Eleanor, 30 Nov 2010 | 16:13
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