Countries should act together to update tax systems

Given the changes in the global economy in the past five years ACCA has updated its report Global policy on taxation of companies: principles and practices. This reiterates that in a globalised business environment it is undesirable and potentially counterproductive for any one country to go its own way changing its tax laws unilaterally.

The report was published in 2014 to offer broad views about the issues being discussed around global company taxation with the aim of bringing structure and consistency to the debate. 

Jason Piper policy lead tax and business law at ACCA said: ‘As we approach 2020 we believe that co-ordinated efforts should be made internationally to ensure that tax systems keep pace with changes in the way that business is conducted capturing the substance of economic activity in the calculation of liability to tax. ACCA supports and is...