Corporation Tax "no longer fit for purpose"
Mark Field, MP for the Cities of London and Westminster, has written a very good article for the Telegraph explaining why Britain needs major reform of our corporate tax system:
"The move towards lower taxes and the crackdown on so-called aggressive avoidance need not be mutually exclusive. In fact, they can easily be made complementary. Corporation tax is an imperfect levy that adds significant complexity to the system since it triggers endless disputes over what counts as profit. Armies of lawyers and accountants seek to bend definitions to lower tax liabilities. Loopholes are found and exploited. Governments end up introducing innumerable reliefs to aid particular sectors. And so the tax manual expands."
"simplicity and stability were ranked as more important than a low effective tax rate"
"in today’s globalised economy corporation tax is no longer fit for purpose."
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