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The row over Google’s tax liability.
KEY POINTS
- About two-thirds of large businesses are under enquiry at any time.
- Settlements are reached according to the law.
- Politicians are responsible for tax policy.
- HMRC is not perfect but must remain free of political interference.
Most of us accept the need for reform in the way that international businesses are taxed. The old rules dating back to the League of Nations simply could not cope with modern commercial reality particularly the possibility of transacting anywhere in the world at the click of a mouse. The base erosion and profit shifting (BEPS) project is a serious piece of work and although there are details to iron out the direction of travel is clear. The UK has introduced the diverted profits tax. This is controversial but whatever view one...
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