HMRC says the UK is set to miss out on around £600 million in tax revenue each year because of a US exemption under the OECD’s landmark global minimum tax agreement. The figure is reported as part of scrutiny by Parliament’s Public Accounts Committee into how much tax large multinational firms pay. The agreement underpinning the estimate is designed to apply a 15% global minimum tax rate and reduce incentives for companies to shift profits to lower-tax jurisdictions. According to reporting on the deal, nearly 150 countries agree to the framework, but the United States is exempt. HMRC’s confirmation indicates the UK’s expected tax take is reduced compared with what would apply if the exemption did not apply. The issue is presented in the context of parliamentary oversight of corporate tax outcomes and the effectiveness of international tax rules. The sources describe the same core point: HMRC identifies a recurring revenue impact linked to the US exemption and raises it in evidence provided to the Public Accounts Committee.
HMRC says UK loses about £600m a year from US exemption in global minimum tax
HMRC says the UK is set to miss out on around £600 million in tax revenue each year because of a US exemption under the OECD’s landmark global minimum tax agreement. The figure is reported as part of...
- HMRC says the UK will miss out on about £600 million in tax revenue each year.
- The shortfall is linked to an exemption for the United States under the global minimum tax framework.
- The estimate is provided in evidence to Parliament’s Public Accounts Committee.
- The global minimum tax deal sets a 15% minimum tax rate to limit profit shifting.
- Reporting states nearly 150 countries have agreed to the framework, with the US excluded.
The deal saw nearly 150 countries agree to a 15% global minimum tax to stop large global companies shifting profits to jurisdictions with lower taxes – but the US will be exempt
2 hours agoIt confirmed the expected tax reduction as part of scrutiny by Parliament’s Public Accounts Committee into tax paid by major multinational firms.
2 hours agoIt confirmed the expected tax reduction as part of scrutiny by Parliament’s Public Accounts Committee into tax paid by major multinational firms.
2 hours ago
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