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.
Andrew Tyrie suggests there will not be enough time to implement Making Tax Digital (MTD) by April 2018
The ACCA has announced a partnership with UK research and development tax reclaim specialist RD Tax Solutions
The tax HMRC expects is underpaid by large companies through “transfer pricing” has risen by 60%
Colin's take on the chancellor's £27bn cushion fund for rainy days ahead, announced in the Autumn Statement