This feed is published daily with selected new or updated
content from across the Lowtax Network. For a list of Lowtax Network
sites, many of which feature daily news, see
below.
Providing essential tax news and information
for globally mobile artists, contractors, entrepreneurs, professionals,
small businesses, sportspersons and entertainers.
Lowtax Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail.
Tax News: Global
tax news, continuously updated through the day.
Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor.
Law & Tax
News: Daily news and background data on tax and legal developments
for international business.
Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation.
Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources.
US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax.
NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers.
Another FTSE100 Firm Threatens To Quit UK Over Tax,
by Robert Lee, Tax-News.com, London
Tuesday, May 06, 2008
As if Chancellor of the Exchequer Alistair Darling didn't have enough on his
plate with the ongoing credit crunch, it has emerged that yet another FTSE100
firm is considering switching its corporate HQ abroad in protest at the UK's
increasingly burdensome corporate tax regime.
Sir Martin Sorrel, head of WPP - the world's second largest advertising firm
- told the BBC on Monday that if the Treasury introduced proposed rules to tax
dividends earned by companies overseas in the UK, it could tip the balance in
favour of relocating the firm's tax residence to a jurisdiction which does not
tax such income, with Ireland likely to be top of the list.
"If the measures as is are introduced, ratified, confirmed and implemented,
we will be taking a very serious look at the advantages and disadvantages [of
moving its tax domicile and headquarters]," Sorrel was quoted as saying.
Sorrel's comments come hot on the heels of decisions by Shire Pharmaceuticals
and United Business Media to set up holding companies in Jersey and relocate
their corporate HQs to Ireland to cut their UK tax bills.
He went on to point out that WPP already pays a significant sum in tax to the
Treasury each year - about GBP200mn (USD394mn) - and the proposed new rules
could add tens of millions of pounds to the company's annual tax bill in the
UK.
"We are talking about very very significant sums of money," he noted.
The government's proposals are designed to prevent companies shifting assets
abroad in a bid to reduce their UK tax bill. The Treasury argues that concessions
to companies elsewhere in the proposals will make the changes broadly revenue
neutral. However, the business lobby argues that the new rules will merely serve
to complicate UK corporate tax rules further, and are more evidence that
the government is failing to listen to the concerns of multinationals on this
issue.
“Firms are seriously concerned about the high level and rising complexity
of taxation in the UK and are increasingly prepared to vote with their feet.
The Treasury cannot ignore this issue or argue that companies are crying wolf,"
said Richard Lambert, Director-General of the Confederation of British Industry
(CBI).
“The prime issue in this case is the complex UK practice of taxing profits
earned abroad once they are remitted to the UK, raising the potential for double
taxation. This makes the UK less attractive to internationally-mobile firms,"
he observed.
Last month an independent taskforce commissioned by the CBI published its analysis
of the UK corporate tax regime and argued that the system was in need of a radical
overhaul if the UK is to remain a location of choice for multinational firms.
To help reduce double taxation and compliance costs for business, the CBI taskforce
advocates the government plays a leading role in EU and OECD discussions on
further coordination of national tax systems.
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
Advertising & Marketing
With over 50,000 qualified readers every month our web-sites
offer a number of cost effective, targeted advertising,
sponsorship and marketing opportunities:
Display advertising - from 'skyscrapers' to 'buttons'
Content/article submission and sponsorship
Opt-in email marketing
On-line Services Directory listings
Could your corporate web-site or newsletter benefit
from incorporating regularly updated news and content
tailored to serve your clients' interests? We can provide
a variety of maintenance-free news and content solutions
that can be seamlessly integrated and dynamically delivered:
Click here for a brief introduction
to RSS and instructions on how to get the Tax-News feed.
IMPORTANT NOTICE: THE LOWTAX NETWORK has
taken reasonable care in sourcing and presenting the information contained on
this site, but accepts no responsibility for any financial or other loss or damage
that may result from its use. In particular, users of the site are advised to
take appropriate professional advice before committing themselves to involvement
in offshore jurisdictions, offshore trusts or offshore investments. All materials
on this site copyright THE LOWTAX NETWORK 1999 to 2010. Contact
us for further information.
TAX-NEWS.COM
Free Tax-News Feed