Recent events in Parliament and associated media coverage
confirm that businesses operating in the UK need to navigate a new
tax landscape. Amid all the noise, the public debate on tax
avoidance is leading to some tangible changes. Companies that
do not have, and as importantly are not perceived to have, a
responsible tax approach can run the risk of losing out on
government contracts, losing stakeholders through brand damage or
finding themselves out of pocket.
The OECD released a report into base erosion and profit shifting
of corporate taxes. There has also been a UK ministerial
statement confirming the Government's intention to put rules in
place to ban companies, partnerships and individuals which take
part in tax avoidance schemes from being awarded Government
contracts.
