TaxCorporate TaxPwC’s Powell says international tax no longer fit for purpose

PwC’s Powell says international tax no longer fit for purpose

PwC chairman and senior partner says tax regime needs to evolve with the times

PwC’s Powell says international tax no longer fit for purpose

PWC CHAIRMAN and senior partner Ian Powell claimed international tax laws and rates were no longer fit for purpose because they were based on old-fashioned ways of working.

At the firm’s Building Public Trust awards last night, Powell gave a speech about the media storm around tax planning strategies and avoidance. He said that that profession and the the global community, desperately needs the regime to change.

Powell said that tax rates were created on old ideals where a person bought a product in person and paid tax on that tangible product. However, now products are exchanged internationally, or digitally, and goods are no longer as clear cut as they were before. Commerce has evolved and the tax system needs to evolve to keep pace, was Powell’s message.

Yesterday was the firm’s 11th annual award, which commends businesses that have delivered excellence in their reporting by focusing on responsible business. Members of the judging panel included Maggie McGhee, a director at the National Audit Office, Philippa Foster Back OBE, director at institute of business ethics, Robert Hodgkinson, director at ICAEW, Roger Adams, director ACCA, and Charles Tilly, CEO CIMA.

The winners were: Anglo American for excellence in reporting in the FTSE 100; The Go-Ahead Group for excellence in reporting in the FTSE 250; and The Crown Estate for excellence in reporting in the public sector.  

Related Articles

Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

Corporate Tax Big names, little tax: Airbnb, Facebook, Kellogg’s, eBay

2w Alia Shoaib, Reporter
EU divided over radical tax reforms targeting tech giants

Corporate Tax EU divided over radical tax reforms targeting tech giants

3w Alia Shoaib, Reporter
How to educate your clients about tax avoidance

Corporate Tax How to educate your clients about tax avoidance

4w Clear Books | Sponsored
Colin: Tell them about the money, mummy

Business Regulation Colin: Tell them about the money, mummy

11m Taking Stock
Five key tax and business burdens the chancellor must ease in Autumn Statement

Business Regulation Five key tax and business burdens the chancellor must ease in Autumn Statement

11m Kevin Reed, Writer
CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

Corporate Tax CGT clampdown nets HMRC £124m – but could lead to increase in use of avoidance schemes

4w Austin Clark, Reporter
‘Google tax’ nets HMRC £281m

Corporate Tax ‘Google tax’ nets HMRC £281m

1m Emma Smith, Managing Editor
Autumn Statement: Investment and tax avoidance highlighted in Hammond's speech

Corporate Tax Autumn Statement: Investment and tax avoidance highlighted in Hammond's speech

11m Kevin Reed, Writer