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Working group to devise global business tax plan

The Government has set out plans to form a business tax working group.

The group will aim to discuss ways in which the tax system can provide multinational companies with long-term certainty, considering the competitiveness and other challenges facing businesses and Government.

The group will be chaired by Treasury Financial Secretary Jane Kennedy. Up to 10 senior representatives of multinational companies will be invited to join the group.

Chancellor Alistair Darling says: “We need to anticipate a growing problem for all governments – how to protect revenues in an increasingly global marketplace for goods and services while promoting competitiveness and taking advantage of open markets.

“I am determined that we do what is necessary to remain one of the world’s best places to do business and critically to ensure that we maintain our strong and resilient economy and our position as the world’s leading financial centre.”

The business lobby’s relationship with Darling has soured considerably since last autumn’s pre-Budget report after contentious changes on capital gains tax and non-domiciled residents despite climbdowns from the Treasury.

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