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CBI warning on Osborne’s ‘Google tax’

by: Professional Adviser
  • 05/12/2014
  • 0
The Confederation of British Industry (CBI) has issued a warning over Chancellor George Osborne's plans for the UK to "go it alone" on corporate tax reform.

CBI boss John Cridland said action by the UK outside plans already in place by the OECD would “be a concern for global businesses”, according to the BBC.

Osborne announced a 25% tax on profits generated in the UK but which companies attempt to divert overseas in the Autumn Statement on 3 November.

The Chancellor claims his crackdown will raise £1bn from multinationals.

Tax campaigners say tax reform to prevent international companies from paying low tax is hard, but possible.

John Cridland, CBI director-general, said: “International tax rules are in urgent need of updating, but the decision for the UK to go it alone, outside the OECD process, will be a concern for global businesses, and moving the goalposts on offsetting losses risks creating a worrying precedent.”

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