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Budget: International

Chris Morgan and Alastair Munro of KPMG LLP consider the Budget measures in the international corporate tax area
Taxation of Foreign Profits
The Government has confirmed the introduction of the package of reforms to the taxation of foreign profits announced in the Pre-Budget Report although with some changes from the draft legislation that was published on 9 December 2008. As expected no draft legislation was published and this will be included in the Finance Bill. Most of the Budget announcements were around timing.
The package will consist of four elements.
Distribution exemption
The main change here is...

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