Last week, President Obama threatened to veto an agreement between Senate Democrats and House Republicans on a collection of tax breaks known as “tax extenders.” The deal would have been a huge win for manufacturing, because it would have extended or made permanent a number of tax breaks that directly benefit manufacturers. Now, the likely result is a one-year extension for incentives that lapsed in 2013. As a result of this breakdown in negotiations, […]

The Chancellor reaffirmed the Government’s continued support for the OECD’s work on base erosion and profit shifting (BEPS) and modernisation of the international framework for taxing multinational companies.

Measures in relation to three specific areas are announced – a consultation on hybrid mismatches and the introduction of the OECD’s proposals into UK legislation, a commitment to introduce country-by-county reporting of information to tax authorities for UK multinationals and a newly-announced ‘diverted profits tax’ to counter […]