BusinessCompany NewsBUDGET 2002: No more tax relief for bribes

BUDGET 2002: No more tax relief for bribes

The government has finally outlawed tax deductions for companies that pay bribes to overseas officials.

The move has been anticipated for sometime, but the announcement has finally been made in the press releases which accompany the Chancellor’s Budget statement.

The law is being amended to ensure a business cannot take a tax deduction on expenditure incurred on making payments that would be a criminal offence if made in the UK.

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