Washington is pushing for the rules to be tightened which currently allow foreign companies to reduce their US tax payments by billions of dollars a year, according to reports in the press.
‘This will be viewed as a major disincentive to foreign investment in the US,’ claimed Todd Malan of the Organisation for International Investment, a Washington lobbying group for foreign owned companies.
The move will raise fears in Europe that the US is responding to the European Union’s victory in the World Trade Organisation against a $4bn (£2.7bn) US tax break for exporters known as the Foreign Sales Corporation scheme.
MTD represents 'the single most significant change to the UK’s system of taxation in recent times', says Knill James partner Nick Rawson. So, how prepared are SMEs for digital tax reporting?
The SME community voices concern about the chancellor's measures in the Spring Budget
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory