CORPORATE TAX transparency would help to rebut claims that large businesses are failing to pay enough tax.
Exchequer secretary to the Treasury David Gauke said the debate about business’ contribution to tax would be “better-informed” if businesses could be more transparent about the tax they pay, “and explain the story behind the figures”.
Speaking at the launch of PwC’s Total Tax Take survey for the Hundred Group of Finance Directors, Gauke said the collective voice of business is “getting lost” among misperceptions and confusion about the amount of tax they pay.
“At a time when, across the board, the public expects greater openness I think it could be in your long term interests to engage more forthrightly in this discussion,” said Gauke.
“But it could also be an opportunity, an opportunity to address some of the myths and confusion that exist.”
Further powers are being sought by HMRC, but it is ‘failing’ to use those it already has, such as Conduct Notices, says RPC
HMRC breaches client confidentiality; and partner profits fall at EY. These stories and more discussed in Friday Afternoon Live
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