The UK is in need of a 'dramatically simpler' tax system to improve the country's competitiveness and prevent corporate migration, said the opposition chancellor of the exchequer. George Osborne, of the Conservative party, told a conference in London that now is the time to plan for the upturn and realise that a long-term strategy for the UK tax system will be more effective than a series of quick fixes.
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The OECD had previously missed a June 30 deadline to agree an MLC on amount A; in other news, UK corporation tax bills surged to a record high last year