“U.K. Treasury chief George Osborne has put global tech companies on notice: Pay your taxes, or else,” Lisa Fleisher reports for The Wall Street Journal. “‘Some technology companies go to extraordinary lengths to pay little or no tax here,’ Mr. Osborne said at his party’s annual event. ‘If you abuse our tax system, you abuse the trust of the British people. And my message to those companies is clear: we will put a stop to it,’ he said.”
“Mr. Osborne, speaking at his Conservative party’s annual conference in Birmingham, England, said the Treasury expects to raise hundreds of millions of pounds by cracking down this fall on companies that avoid paying tax on profits in the U.K. by shifting profits internally across national borders,” Fleisher reports. “These types of transactions can be difficult to spot and evaluate. At times, one part of a company might pay another part of the same company for goods or services. The difficulty comes in making sure those prices are the same as would be fetched on an open, competitive market. The Conservative party said it would try to better implement international tax rules that help determine prices of those internal transactions.”
Read more in the full article here.
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