Businesses still unclear about tax in UK
UK businesses are unclear about how much tax they pay, with 99% claiming there is a lack of understanding among investors, employees and stakeholders.
Almost three-quarters called for greater visibility over taxes paid after it emerged that 57% of companies estimated their total tax contribution equated to more than 40% of profit.
‘The simple fact is that, at present, there is not consistent, reliable data on the total contribution of business to the UK Exchequer by way of tax receipts,’ said PricewaterhouseCoopers tax partner, John Whiting.
The PWC study into 70 of the UK’s biggest and most well-known companies led Whiting to claim that ‘what is clear is that UK tax receipts from business are far greater than the 2.5% of GDP represented by corporation tax’.