PwC responds to the Select Committee report on corporate taxation
Published at 11:48 AM on 31 July 2013
The Select Committee on Economic Affairs of the House of Lords has today (31st July) published its report on 'Tackling Tax Avoidance in a Global Environment."
Mary Monfries, PwC's head of tax policy and regulation, said:
"We agree with the need to rebuild trust in the tax system and have long supported any drives towards simpler rules, clarity of policy and more resources for HMRC. It is important to remember this report isn’t happening in isolation though. There is already a progressive international agenda for change through the G8 and the OECD’s action plan, which the House of Lords report acknowledges. Success of these efforts will depend on continued commitment and co-ordinated effort by governments and business.
"Changes at a UK level, without a coordinated approach could seriously damage UK competitiveness and create more complexity and uncertainty in a system that is crying out for simplification. HM Treasury will be looking at the UK rules as part of the OECD action plan, but that has to be within a realistic timescale, given the importance to the UK economy.
“We fully support the international tax system being brought up to date in a way that is co-ordinated internationally and aligned with the UK's policy objectives. The UK Government's explicit objective continues to be to deliver the most competitive tax regime in the G20. This is driving a package of measures and reliefs aimed at attracting more companies to the UK and a much broader base of tax flows, including corporation tax and other taxes.
“For the OECD's ambitious reform agenda to work, we need governments, tax authorities, businesses and advisers to remain committed to a plan for internationally co-ordinated action. Critically success will depend on increased cooperation and transparency between tax authorities as agreed by the G8 and set out in the OECD plan."
1. If you would like to speak to Mary, please contact Amy Tiernan on 020 7804 0556.
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