The government expects to raise £7.92bn for the Exchequer by bringing in measures to tackle harmful and aggressive tax planning by corporates, on the back of global moves led by the OECD's Base Erosion and Profit Shifting (BEPS) project. In its business tax road map, the government has set out detailed plans to tackle multinational avoidance issues, the most serious of which include interest deductibility, hybrid mismatches, withholding tax on royalty payments and treatment of losses. The government said in its policy paper that the new approach will give businesses the 'clarity they need to invest with confidence'.
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