In the first of a new series, Alison Lobb and Clive Tietjen review international developments in the transfer pricing arena
Tax campaigner Richard Murphy’s estimate of the UK’s tax gap is ‘misleadingly high’, HMRC has said in a submission to the House of Commons Treasury Committee.
A new initiative to provide international auditing expertise and advice to help developing countries ‘better address tax base erosion, including tax evasion and avoidance’ has been launched by the OECD’s Informal Task Force on Tax and Development.
The Parliamentary Assembly of the Council of Europe has warned that ‘massive’ offshore tax evasion and avoidance cause ‘serious harm to the public interest’ in Europe and elsewhere, and particularly in developing countries.
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.
Tax Justice Network says the current regime for taxing multinationals is ‘not fit for purpose’
Chris Morgan provides your update on developments in international tax, including recent examples of overseas tax authorities clamping down on tax avoidance.
Coverage in the ‘quality’ newspapers of last week’s well-attended launch of the CBI’s tax campaign appears to have been l
Drew Bailey explains why transfer pricing principles are increasingly important in tax competitiveness as well as protecting the tax base.
A special low rate of UK corporation tax on finance profits from overseas financing within multinational groups will offer a ‘very significant’ benefit to groups setting up a structure that represents, according to a leading tax expert, ‘almost government-approved tax avoidance’.