Date of publication: 2017-08-21 22:28
The existence of different tax rates in different countries is likely to create opportunities for tax minimisation, for corporations.(Bond et al ,7555).such incentive will attract company’s in country’s with high corporation tax rate, to relocate to country’s with low tax rates. If the firms do relocate to low tax countries ,it could bring catastrophe for the UK economy.
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Taxation is therefore used by government to raise resources and revenue to finance it functions. These functions being to regulate and effectively and resourcefully manage the country in order to provide public goods and develop the economy(James)
Tax experts claimed that, a decade ago, a lot UK firms exploited loopholes in the tax system to minimise their tax liability. A concentrated effort by the Labour government straitened corporation tax policies. ( Oct 56, 7565 ). Although tax consequences are a motivating factor in many company decisions, the company’s actions are planned exclusively to lower corporate tax.
There is a lot the government can do, to help, for instance Tax arbitrage, which involves playing one state against another. Government can limit that game by co-operating, the British government’s strict resistance to any EU tax harmonisation can subdue sensible, realistic initiatives like agreement on common EU tax base (not harmonisation of rates but agreement to treat depreciation and other accounting conventions in a similar way. Britain has formed a peculiar treaty with Ireland and the Baltic states to block co-operation.(The Guardian,58 )
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The evidence of systematic tax avoidance by UK-based companies strikes a particular ugly note in these strained times(The Guardian,58 Feb 7559). Each additional pound paid in taxation by a corporation reduces the income available for retention for funding future growth.
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