British businesses and the Government will form a new working group to look
at the long-term challenges facing the UK tax system and ensure competitiveness
remains at the heart of any future reforms, Chancellor of the Exchequer,
Alistair Darling announced on Tuesday.
In a speech to a Chatham House conference on “New Financial Frontiers”
he set out plans for a new working group, to be chaired by Financial Secretary
Jane Kennedy, alongside business representatives.
The group will discuss ways in which the tax system can provide the long-term
certainty that multinational companies need in the face of increased competitiveness,
and other global challenges facing both business and government.
In his speech, the Chancellor explained:
“We need to anticipate a growing problem for all governments –
how to protect revenues in an increasingly global market place for goods and
services while promoting the competitiveness of our businesses so that they
can take advantage of open markets."
He continued: “Tax is one element of the strong business environment which makes the
UK competitive at a global level. 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 – and critically to ensure that we maintain
our strong and resilient economy and our position as the world’s leading
financial centre."
“I am therefore bringing together a group with industry representatives
to discuss ways in which the tax system can provide the long-term certainty
multinational companies need, considering the competitiveness and other challenges
facing both businesses and government.”
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