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UK: House of Lords sub-committee says proposed tax avoidance legislation is "narrowly defined" & calls to accelerate OECD review of multinationals' taxation

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Article
13 March 2013

New tax rules 'will not hit global firms'

Author: Louise Armitstead, Telegraph [UK]

Lord MacGregor, chairman of a House of Lords committee on the Finance Bill, has demanded that the Government makes it clear to the public that GAAR is “narrowly focused” and will not meet “public expectations” of bigger levies on international firms. The Committee has called for the new rules to be reviewed after five years...[to] "look, in particular, at how the double reasonableness test had been applied in practice and its deterrent effect.”...The rules, which are expected to be updated in the Budget, were not intended to change the system that legitimately allows big companies to reduce their corporation tax bills...Lord MacGregor said: “It is also important that government continues to work with other countries on corporate tax issues especially as regards multinationals. We recommend that the review of OECD rules be accelerated.”

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Article
24 January 2013

Tax avoidance - an introduction

Author: compiled by Business & Human Rights Resource Centre

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