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International Round-up

Chris Morgan Head of International Corporate Tax at KPMG in the UK rounds up the latest developments in the international tax world
What's Hot?
Foreign profits
The last three months have been busy ones for the HMRC team leading on the foreign profits proposals. They have attended numerous meetings workshops and open days where they will have heard a fairly consistent message that the worldwide debt cap as set out in the 9 December 2008 draft legislation is unworkable but the distribution exemption although not free of problems is generally widely welcomed. They certainly cannot be criticised for not listening as they have done little else...

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