CBI comments on diverted profits tax legislation
The CBI commented on new Government legislation for a Diverted Profits Tax, following its announcement in the Autumn Statement.
John Cridland, CBI Director-General, said:
"International tax rules are in urgent need of updating but there is already an OECD process underway to do this. It is unfortunate that the UK has decided to go it alone with a Diverted Profits Tax, outside this process, which will be a real concern for global businesses.
“The legislation will be complex to apply, and if other countries follow suit businesses will have a patchwork of uncoordinated unilateral rules to navigate, which risks undermining the whole OECD approach.”