House of Lords - Select Committee on Economic Affairs: Tackling Corporate Tax Avoidance: Is a New Approach Needed? - HL...
- ISBN-10
- 0108551350
- ISBN-13
- 9780108551352
- Category
- Business & Economics
- Pages
- 64
- Language
- English
- Published
- 2013-07-31
- Publisher
- The Stationery Office
- Author
- Great Britain: Parliament: House of Lords: Select Committee on Economic Affairs
Description
The report Tackling Corporate Tax Avoidance In A Global Economy: Is A New Approach Needed? (HL 48) examines the problem of the avoidance of corporation tax by multinational companies. The UK faces a serious problem of avoidance of corporation tax, due in part to the complexity of the tax regime in the UK, but mainly because the international tax system gives multinational companies opportunities to shift profits between countries in ways that reduce their liabilities in the UK. This damages the economy and undermines trust in the tax system. The Committee supports the case for fundamental reform of the international corporate tax framework being pursued in the OECD, but it not clear that the reforms will be effective or whether they can be achieved within the proposed two year timescale. The present system can encourage multinational companies to take on excessive debt in the UK, including by borrowing money from an overseas subsidiary, to reduce
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