TaxCorporate TaxE&Y’s wants brakes put on tax reform

E&Y's wants brakes put on tax reform

The government has been warned to slow down in its attempts to reformcorporation tax.

Link: Corporate tax reform consultation extended

Ernst and Young’s head of tax, Aidan O’Carroll, said although reform was backed, ministers must not rush through change without knowing the full force of its impact.

O’Carroll said the government should make sure the changes put in place were the right ones even if that meant slowing down the reform process.

‘We would far rather see a process which led to a fully worked out and comprehensive reform, even if that took several years and had to be introduced in phases, than a dash for a “quick win” followed by several years of tinkering to get the mechanics to work properly,’ he said.

Some reports have claimed that the chancellor’s pre-Budget report in December could contain proposals on transfer pricing, leasing proposals and thin capitalisation.

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