Institute of Taxation (CIOT) blames the lack of pre-consultation on changes
in successive Budgets and Pre-Budget Reports for the present climate of
uncertainty prompting multinationals to eye alternative tax bases.
‘Regarding the substance of the recent proposals on foreign profits, the
Government does have a need, which we recognise, to protect the corporate tax
base,’ Ian Menzies-Conacher, chairman of the CIOT technical committee, said.
He noted the ‘controlled companies’ regime in the foreign profits proposals
would be very ‘compliance-burdensome’, requiring detailed annual calculations
for many, if not all, overseas subsidiaries of a UK headed group or subgroup.
He said that, historically little revenue had been raised on profits earned
outside the UK, ‘appropriately so, as they are mostly taxed in other countries,
sometimes at high effective rates’.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states