President Barack Obama has debated the merits of lowering the US statutory
rate of corporate tax.
His comments were made to Charles Rangel, chairman of the tax-writing House
Ways and Means Committee, during the Fiscal Responsibility Summit earlier this
week, according to
Rangel said every loophole closed is a tax increase and it has to be
undersood that the ‘vast majority of businesses recognise it’s in their best
interests to do the right thing.
Obama is seeking to close loopholes in the controversial area of transfer
pricing, where multinational companies set the price of exchanging goods and
services between subsidiaries at arms length. The onus is on the company to set
prices according to the standard market rate.
At HMRC, Dmitri Surendran was responsible for leading the London team of the offshore, corporate and wealthy unit of the fraud investigation service
Research also finds that 84% of businesses believe that the government has not provided enough information about digital tax plans
A total of £16bn was lost through tax fraud last year, according to estimates released by Pinsent Masons
Richard Asquith of Avalara looks at the non-tariff barriers the UK will face when selling into the EU post-Brexit