Brussels and EU member states are putting the finishing touches to the Common Consolidated Corporate Tax Base (CCCTB). It is expected to arrive fully operational by 2011. Peter Cussons, tax partner at PricewaterhouseCoopers, says that it will be tabled at the Economic and Financial Affairs Council of the European Union (Ecofin) in September.
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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