CBI to clamp down on tax avoidance
The CBI has thrown its support behind replacing the current tangle of UK tax regulations with a General Anti-Abuse Rule (GAAR)
THE CONFEDERATION of British Industry is to back measures that will crack down on aggressive tax avoidance schemes that are tarnishing the reputation of British business.
The CBI has thrown its support behind proposals made last November by Graham Aaronson QC, which recommended replacing the current tangle of UK tax regulations with a General Anti-Abuse Rule (GAAR).
The business group is to clamp down on legal, but highly dubious, ‘black box’ tax schemes that are used by companies to dodge tax, The Times reports.
“We don’t think business is done any favours by these highly abusive schemes, which tar all of us,” said William Morris, chairman of the CBI’s tax committee.
The comments, made at a CBI roundtable last week, come as the CBI launches a campaign to highlight the tax contribution British business makes to the Treasury.