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.
Freelancers and micro-businesses still need more information about the government’s plans to make tax digital
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The Treasury is consulting on how businesses remunerate their staff to assess whether companies are artificially using benefits in kind to avoid tax
HMRC is consulting on proposals to clarify the tax treatments of general and limited partnerships