OPINION: Almost everyone agrees that the two greatest economic problems facing the US are the growing Federal deficit and persistently high unemployment and underemployment. So it is surprising to a long-time tax practitioner that the two leading proposals for corporate tax reform in the US – lowering the corporate tax rate through base broadening and adopting a territorial tax system – are almost certain to make both problems worse.
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The new guidance is not meant to reflect a substantial change to UK law, but the requirement that tax advice is ‘likely to be correct’ imposes unrealistic expectations
China and a clutch of EU nations have voiced dissent after Estonia shot down the US side-by-side deal; in other news, HMRC has awarded companies contracts to help close the tax gap