‘Many banks, particularly US institutions, had been reluctant to sign up to an extra-statutory code [the Code of Practice on Taxation for Banks] because of uncertainty over its implications,’ the Financial Times reported (30 November).
‘However, lawyers said revisions to the code last year diluted its most controversial aspects, leaving a document that would have little bearing on the way banks behaved. The banks’ appetite for aggressive tax planning had, in any case, been curbed by their reduced profitability, one said.’
‘Many banks, particularly US institutions, had been reluctant to sign up to an extra-statutory code [the Code of Practice on Taxation for Banks] because of uncertainty over its implications,’ the Financial Times reported (30 November).
‘However, lawyers said revisions to the code last year diluted its most controversial aspects, leaving a document that would have little bearing on the way banks behaved. The banks’ appetite for aggressive tax planning had, in any case, been curbed by their reduced profitability, one said.’
