The European Commission has proposed an optional ‘one-stop-shop’ system allowing companies to consolidate all profits and losses arising across the EU and file a single tax return.
A leading Reuters editor told the BBC’s Newsnight earlier this week that only international co-operation will help prevent large multinationals using tax havens to undermine the tax base of national governments, after campaigners slammed a proposed exemption for profits of forei
‘Britain's banks may be forced to reveal the breakdown of their corporate tax contributions under a plan from the Treasury Select Committee to demand the information as part of its report on the sector.
The total recorded yield from HMRC settlements relating to controlled foreign companies legislation in the financial years 2007/08 to 2009/10 is estimated at £719 million, David Gauke said in a Commons written answer.
Colin Hargreaves on the November 2010 CFC proposals
A competitive corporate tax system is not just about rates, the Treasury said as it launched five consultations.
The Government has estimated that there are 190 open HMRC enquiries under the controlled foreign companies legislation, said Mark Hoban in a Commons written answer.
The Treasury announced five consultations on 29 November dealing with controlled foreign companies, taxation of foreign profits, profits arising from patents and R&D tax credits:
Corporate tax reforms need to strike the right balance between revenue protection and competitiveness, PwC said ahead of the release – which the firms expects to see this week – of a discussion document on corporate tax and controlled foreign companies reform.