Multinationals in summer limbo over tax cases
Major companies will have to wait for summer EU summit for decision on corporate tax cases
Major companies will have to wait for summer EU summit for decision on corporate tax cases
A high-level tax group headed by the UK that aims to restrict the impact of
European Court of Justice rulings on EU national exchequers will not meet until
September or October.
The UK government is leading discussions aimed at limiting the impact of a
range of corporate tax cases, involving companies such as Marks & Spencer,
Cadbury Schweppes and Deutsche Bank.
Any meeting to debate the issues concerned will not, however, take place
until after the summer break in August, a spokeswoman for the Treasury told
Accountancy Age. The group’s discussions are also likely to be secret, she
added.
The government’s attempts to address the threat to its revenues posed by ECJ
tax cases has attracted huge interest. Accountancy Age revealed last year that
the UK government alone could face losses of up to £20bn if a whole raft of
corporate tax cases went against it. Other member states could face even greater
bills, it is understood.
‘All member states will be invited [to the discussions],’ the spokeswoman
said. No specific date or agenda has yet been set.
The UK took on the presidency of the EU last week, meaning it has greater
powers to drive the agenda.
Revenue & Customs is anxiously awaiting an ECJ ruling on the M&S
case, one of the first to be ruled on by the European court.
Earlier this year, the advocate general suggested that UK tax law, which
denied M&S the opportunity to claim losses in France against UK profits, was
illegal. The advocate general’s decision is followed by the court in most cases.
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleFrom battling underground invoice frauds in China to navigating bribery risks in the Middle East, Mazars' Nigel Layton shares essential insights on co...
View articleAccording to the Chartered IIA, internal audit should be placed at the forefront of a new Code Read More...
View articleBy switching the focus from ‘profit made for investors’ to ‘value created for all’, accountants can find ways to quantify and evaluate the impact of a...
View articleThe proposals form part of an ongoing overhaul of audit and corporate governance in the UK Read More...
View articleThe first update to the UK Corporate Governance Code in four years will see the creation of a stronger framework for reporting on internal controls an...
View articleBusinesses must adopt a healthy corporate culture or risk legal and business consequences Read More...
View articleDuring a conversation with Accountancy Age, Mazars partner Bob Neate breaks down the draft audit reform bill, warning of a potential capacity issue fo...
View articleThe FRC and major audit firms have criticised the UK government’s watered-down proposals Read More...
View article