Foreign profits in line for next Finance Act

摘要

The government has hinted there is still time to complete its consultation on foreign profits taxation so changes can be made in the Finance Bill 2009. Speaking at a briefing chaired by Oxford University's Centre for Business Taxation, Edward Troup, director of business and indirect tax at the Treasury, said it would clearly be a tight timetable, and would require a huge amount of goodwill from business. 'In an area like this, the legislation is never going to be right the first time,' he said, adding that the full cooperation of business in resolving outstanding details following implementation would be required.