Shifting sands of UK tax policy and the tax base - CIOT comments
The CIOT supports greater transparency by multi-national companies regarding their tax affairs as a means to restoring greater public trust in the international tax system. However, it also holds the view that restoring such trust also requires a much clearer articulation by governments and institutions such as the EU of the principles governing the international corporate tax system, such as:
The arms-length principle; The concept of taxing profits not revenue; The concept of taxing profit where value is created not where it is consumed,
noting that all of these principles were re-affirmed by the OECD in the BEPS process.
Our submission is available to view below in PDF format.