Part I of this analysis of the UK as a business hub looked at many of the aspects that make the UK a favourable jurisdiction in which to conduct business. There are, of course, factors that detract from the UK’s attractiveness, and business also harbours hope that progress can be made to further increase the number of reasons for operating in the country.
Australia’s Assistant Treasurer, David Bradbury, has released a joint statement with Deputy Prime Minister Anthony Albanese regarding a new tax incentive to drive private investment in infrastructure.
Argentina this week announced a new tax deal for energy exporters, which would allow companies to export 20% of oil and gas tax-free if certain conditions are met.
The UK has done much to reform its corporate tax regime over the past 10 years, evidenced most recently by the announcement of a further corporate tax cut – to 20% from April 2015 – and the introduction of a patent box regime. The consensus is that the government’s Open for Business agenda is working.
Germany remains concerned about the competitive disadvantage it feels it is being placed under by the existence of European patent box regimes such as the UK Patent Box and the Dutch Innovation Box.
The French Ministry of Finance has released a tax simplification plan, authored by politician Thierry Mandon, which could see interaction and cooperation between taxpayers and tax authorities reach new levels.
