TaxCorporate TaxKPMG wants debate on tax avoidance

KPMG wants debate on tax avoidance

The Big Four firm has called for a fresh debate on Budgetary measures introduced to tackle tax avoidance, amid concerns that business is being alienated.

Link: UK becomes less attractive for corporate HQs

KPMG is concerned that measures introduced in this year’s Budget aimed at countering evasion and avoidance of corporation tax, national insurance contributions and employment, are alienating companies, who fear their legitimate tax planning amounts to fraud.

Loughlin Hickey, KPMG’s UK head of tax, said tax plannng was key to the success of any business.

‘What is needed is a better level of dialogue and constructive debate between business and the revenue authorities. As headline tax rates converge, the UK needs to promote greater understanding and co-operation between business and the tax authorities to remain competitive.’

At the same time Judith Freedman, KPMG’s professor of taxation law at Oxford University, called for a new legislative framework based on principles and for clearer and tough disclosure and penalty rules to help define illegal tax evasion or fraud.

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