House of Lords review of company taxation
The House of Lords economic affairs committee has recently started an enquiry examining whether a new approach is needed to taxing corporations in the current global economy.
The committee has said that the recent high profile issues involving multinational firms have raised the profile of the level of tax paid by large corporations. Apparently it has been suggested that corporation tax has become a voluntary arrangement for such large entities.
The inquiry will seek to address some of the key concerns that have fuelled the tax debate, and to assess the extent to which corporation tax has become ‘voluntary’. It will consider the case for reform of the allocation of profits between countries, and whether any change should be based on existing treaty arrangement or whether there is a need for a more fundamental reform.
Date: 15th April, 2013
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