U.K. Proposal Would Require Uncertain Tax Treatment Disclosure

July 20, 2021, 1:46 PM

The U.K. on Tuesday unveiled draft legislation that would oblige multinationals to undertake new transparency measures.

Companies would have to declare any tax positions they take that might conflict with established interpretations, according to a series of draft measures that will be part of the 2021-2022 Finance Bill, which contains proposed changes to U.K. tax policy.

Requiring large companies to report positions that seem to be outside the norm of established policy would provide Her Majesty’s Revenue & Customs, the U.K. tax administration, “with accurate and timely information ...

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