Chancellor unveils plans for new tax forum

News Article - Wednesday, April 30, 2008

filed under: Regulatory

Further information

The chancellor has announced plans to create a new business-government forum on tax that will explore long-term challenges faced by the UK tax system.

Alistair Darling told a Chatham House conference on New Financial Frontiers that the new working group will "ensure that competitiveness remains at the heart of any future reforms".

"Tax is one element of the strong business environment which makes the UK competitive at a global level," Mr Darling stated. "The UK corporation tax rate is one of the lowest in the G7. I am determined that we do what is necessary to remain one of the world's best places to do business."

The new tax forum will be chaired by financial secretary Jane Kennedy and will feature representatives from the UK's business community.

Some international firms claim to have left the UK in search of more favourable tax rates and the new working group will be required to conduct a thorough review of the corporate tax regime in Britain.

Membership of the forum will be no more than ten senior representatives of multinational companies, with the government aiming to ensure a diverse representation.

Accounts software can help businesses to manage their tax responsibilities and keep track of changes to taxation rates.

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