In a new paper released today, Lower, Simpler, Stronger Business Taxes, Charlie Elphicke MP seeks to address how the UK corporation tax code can be reformed to be more competitive.
Globalisation, the internet, and e-commerce have transformed the way businesses are operated. Businesses used to operate within borders, they now increasingly operate without borders. This transformation poses two key challenges to the UK. First, why should a business establish itself in the UK rather than elsewhere. Second national and international tax law has not kept up to date with the pace of change, meaning that national corporation tax bases have steadily been eroded over time.
This paper seeks to address how the UK corporation tax code can be reformed to be more competitive. First as a low tax jurisdiction for business. Second as a jurisdiction with a tax system that is as simple as possible, so keeping tax compliance costs to the absolute minimum.
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