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Latest newsCBI tax conference marks next step in CBI campaign for corporate tax reformOn Monday 13 October the CBI held a Tax Conference to debate whether the UK corporate tax system is fit for purpose. The conference drew together an impressive line up of political, business and policy experts to discuss what businesses need from a corporate tax system, how the system affects the economy and how to improve the legislative and policy process. Click here to view the conference programme. Tax Task Force report adopted by CBI as policyThe CBI Tax Task Force report has been adopted by the CBI as formal policy.Response to Treasury on taxation of foreign profitsResponding to a letter from the Treasury setting out the Government’s position on reforms to taxation of foreign dividends, the CBI’s director-general, Richard Lambert said: "The Treasury’s willingness to rethink this issue is welcome and the CBI looks forward to further consultation on taxation of foreign profits. This is a particularly important issue for internationally mobile businesses, many of which have increasing flexibility on where to locate. "Much work is still needed but this needs to be pushed forward with the minimum of delay. Business still hopes that the proposals can be included in the 2009 Finance Bill."Download the CBI's letter to the Treasury (PDF, 161 KB). CBI reaction to the BudgetReacting to the Chancellor's Budget speech, Richard Lambert, Director-General of the CBI, said: "For business, although there may have been no further big shocks in today's speech, we mustn't lose sight of the whole raft of tax rises announced in the previous Budget and the Pre-Budget Report. These are scheduled to kick in from April, putting a further squeeze on firms at this already turbulent economic time."107 new technical tax proposals don't support the Chancellor's claims to be moving towards a simpler tax system. "The Chancellor has made some worthwhile changes to core aspects of the non-doms proposals, notably leaving alone gains and income from assets in trusts kept offshore, and pledging to avoid double taxation issues. All this will soften the impact. However damage has been done to the UK’s reputation for tax stability and as a country which actively wants to attract talent and capital. "When the legislation is finalised over the coming weeks it must be crystal clear, especially in relation to double taxation, in order to rebuild confidence in the system. This is particularly important if the welcome assurance that the regime will not be changed for several years is to have its desired effect of delivering certainty. Then it will be a case of waiting and seeing what the fall-out of the whole process and final proposals will be.” 
Tax Task Force report launchedThe CBI Tax Task Force has launched its consultative report UK business tax: a compelling case for change.The task force was set-up to undertake a comprehensive review of the UK’s corporation tax system and to propose reforms to make it suitable for an increasingly global economy. The proposals include a lower rate of tax, simplifying the basis for computing tax and improving the legislative process. The report will now be considered by all regional councils and many of the CBI’s standing committees to get the views of the wider membership before the task force publishes its final report in the summer. Read the Task Force report. |
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