Treasury to launch consultation into taxation of foreign profits

first_img whatsapp whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Share Tags: NULL Treasury to launch consultation into taxation of foreign profits center_img KCS-content More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com GEORGE Osborne will today launch a consultation on the much-maligned rules that govern the taxation of foreign profits, which have been blamed for the departure of several high-profile multinationals in recent years. The Treasury is expected to propose a more “territorial” approach to the so-called controlled foreign companies (CFC) rules, which would restrict the Revenue’s right to impose tax on profits earned in low-tax jurisdictions. An aide to the chancellor said he wanted to prove he was serious about his pledge to make Britain the most competitive corporate tax regime in the G20 group of industrialised nations. The Treasury must now perform a delicate balancing act, and reform the rules without foregoing significant revenues. In the past, Osborne has lowered headline rates by scrapping reliefs and allowances, a method that aides say he is keen to use again.But some firms are worried that they will get higher tax bills as a result of the reforms. One option under consideration is to abolish CFC rules but in turn limit deduction of interest costs in respect of foreign profits – a compromise that would risk alienating overseas investors. Sunday 28 November 2010 9:53 pm Show Comments ▼last_img

Leave a Reply

Your email address will not be published. Required fields are marked *