UK Budget 2016 Takes Lead on BEPS
The UK Budget for 2016 offered few surprises but showed the desire of George Osborne, chancellor of the exchequer, to lead the way in implementing OECD BEPS recommendations ahead of the rest of the world.
The key changes to multinational taxation in the UK Budget are taken from the OECD BEPS guidelines. These measures include restricting interest deductibility for the largest companies to 30% of UK earnings, modifying hybrid mismatch rules to target complex structures for tax avoidance, and strengthening a withholding tax on royalty payments that can be used to shift profits to tax havens.
Click here to read the entire budget report.
To further discuss the ramifications of the budget, contact Sean King at Align Global Consulting.
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With offices in London, Dublin, Research Triangle Park and Silicon Valley, Align Global Consulting is a globalization consulting and advisory firm that represents clients expanding globally or improving existing operations by providing creative legal and tax solutions to address commercial, trade, investment and regulatory matters. Align's comprehensive list of services includes global structuring, global business transactions, cross-border M&A transactions, and international tax planning for outbound and inbound investment. Align assists companies in all stages of growth, from emerging growth companies to the Fortune 100. With "big firm" credentials and experience, Align handles matters traditionally entrusted to larger firms, while maintaining a commitment to the lost art of one-on-one client service.