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.
Signed into law by president Barack Obama in 2010, the Dodd-Frank legislation has tightened regulation of the US financial system
Just when SMEs thought they knew the lie of the land in terms of the Brexit timescale, Theresa May has caught them by surprise. Salvador Amico of Menzies asks how SMEs should react to the news of a snap election on 8 June
With the general election on 8 June, CIOT has warned against rushing through extensive legislation without adequate scrutiny and an appropriate timeframe to make necessary amendments
Yet, KPMG’s annual survey shows that the UK is still an attractive place to do business, despite falling in rankings in tax competitiveness and FDI appeal