MPs HAVE AGAIN accused the taxman of failing to get to grips with collecting the right tax from large businesses.
In another heated Public Accounts Committee hearing with HMRC, ministers said that the taxman found it easier to target smaller businesses - those that can't leave the country.
HMRC chief executive Lin Homer (pictured) said that multinationals were able to choose where they based their business, and the taxman applied the rules to tax them as it could.
Of the 770 large companies operating within the UK, around half have their base outside of the island, often in jurisdictions with lower corporate tax rates.
At the same time as the PAC hearing, a joint statement by the UK and Germany urged global cooperation to stamp out profit-shifting and other techniques for large business to lower its tax bills.
A full analysis of the PAC hearing will follow soon on Accountancy Age.
You may also like
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.