TAX POLICY

Saturday, 26 November 2011:

Tax evasion costs more than the entire health budget in each of 67 countries, according to new research published by the Tax Justice Network.

The UK’s corporate tax competitiveness ‘appears to have finally turned a corner’, KMPG said as it summarised the findings of a survey of 50 large businesses operating in the UK. In 2009 only 17% of respondents said the UK had ‘the most...

KPMG has noted that only 13% of respondents in a survey of large businesses operating in the UK said the 50% rate of income tax was proving a barrier to attracting senior talent, compared to 80% who anticipated difficulty when asked in 2009.

Growing public anger over executive pay increases the likelihood of reputational harm to businesses and ‘can lead to public protests like those carried out by UK Uncut against the Top Shop boss Sir Philip Green’s alleged tax avoidance’, according to the High Pay Commission.

The Institute of Directors has welcomed Graham Aaronson’s report on a possible general anti-avoidance rule (GAAR) and noted that the report recommends a well-targeted, moderate rule that ‘should only bite on tax planning that is clearly abusive’.

A wide range of views on the pros and cons of a general anti-avoidance rule has been reflected in Tax Journal’s ‘One minute with ...’ series of interviews with leading practitioners.