TaxPersonal TaxPortillo hits out at multinational tax plans

Portillo hits out at multinational tax plans

Shadow chancellor Michael Portillo has accused the government of failing to address industry's concerns despite announcing a nine-month delay to the implementation of its plans to tighten rules on tax paid by multinationals.

Portillo told MPs in a debate on the Finance Bill: ‘Labour has ignored calls from industry to drop these botched and damaging proposals.

‘The chancellor has merely offered a stay of execution whilst leaving the axe hanging over Britain’s competitiveness.’

Portillo said no-one agreed with the government’s low estimate of how much ‘this stealth tax’ would cost British companies.

He added: ‘When major business organisations say that Gordon Brown’s proposals will make Britain a much less attractive location for international companies, the response should be to scrap them, not just put them back a few months.’

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