Country by country reporting of profits and taxes paid is ‘essential’ for detecting corporate tax avoidance, according to MEPs who adopted by 538 votes to 73 a resolution on ‘concrete ways to combat tax fraud and tax evasion’. There were 32 abstentions.
A common consolidated corporate tax base should be compulsory for all companies except SMEs after a transitional period, according to a resolution of the European Parliament approved last month by 452 votes to 172, with 36 abstentions.
The divide between tax professionals and tax justice campaigners on the issues of transfer pricing and country by country reporting by multinationals was laid bare at a ground-breaking ‘tax and transparency forum’ attended by more than 200 people in London yesterday.
John Whiting, Tax Director of the Office of Tax Simplification, gives an update on the progress of the OTS’s work – and asks for your input.
Small businesses are ‘tomorrow’s Dysons and Microsofts’ and they need government support ‘as much if not more than the big businesses that have already made it’, ICAEW Chief Executive Michael Izza has said.
Barclays has voluntarily disclosed that its UK corporation tax liability for 2011 was approximately £300m.
‘Stefano Pessina, executive chairman of Alliance Boots, has launched a stinging attack on the climate for big business in the UK, warning that a relentless focus on tax could drive away global corporations ...
HMRC’s latest Agent Update includes articles on the PAYE Real Time Information pilot, the e-marketplaces campaign and record-keeping apps for small businesses, as well as summaries of tax consultations and other developments.
Clause 3 (personal allowance for 2012/13 for those aged under 65), clause 5 (main rate of corporation tax for financial year 2012) and clause 6 (corporation tax charge and main rate for financial year 2013) of the Finance Bill were agreed by the Public Bill Committee on 26 April.
Tax Justice Network says the current regime for taxing multinationals is ‘not fit for purpose’