Taxation of foreign profits
The Government has published additional draft clauses in relation to the proposed changes to the taxation of foreign companies. These changes have been designed to simplify the current tax system in relation to foreign profits. The Government is seeking to introduce a simplified regime whilst at the same time protecting UK tax revenues. These measures are intended to make the UK a more attractive location for multinational companies.
The response date for any comments on the draft clauses is 3 March 2009.
The additional draft clauses relate to the following
– North Sea ring fence business
– Tonnage Tax regime
– UK REIT regime
There have also been some minor drafting changes which have been incorporated into the revised schedule which includes some additional information in relation to the definition of disclosed amounts and some deletions where clauses are considered unnecessary.