Five tips for a better corporate tax system

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With G8 leaders chewing over aggressive corporate tax avoidance at their Lough Erne summit, the House of Lords economic affairs committee is collecting evidence to shape a new approach to the problem. Nick Huber collects some of the suggestions received so far.

As the tax arrangements of multinationals such as Apple, Google and Amazon continue to dominate the headlines, the The House of Lords economic affairs committee is considering whether a "new approach" is needed for taxing global business.

Critics accuse the companies of being immoral by using legal loopholes to pay little or no corporation tax. Companies, and some accountants, argue that...

Register for free with AccountingWEB and log in to read the full version of this article, which sets out the following ideas in more detail:

  • Tax medium-sized businesses as if they were partnerships
  • Consider scrapping Enterprise Investment Schemes
  • Expand tax breaks for high-risk business investment
  • Hire more HMRC workers and pay them more 
  • Make companies reveal how much profit they pay in each country

Continued...

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