The UK’s projection of £12.7 billion ($15.9 billion) in revenue within the next six years from the global minimum tax is highly uncertain, a top budget economist told lawmakers in a government budget hearing Tuesday.
Tom Josephs, a member of the Budget Responsibility Committee that oversees the judgments in the budget, told the government’s Treasury Committee the approximately £1.6 billion revenue estimate from the undertaxed profits rule, or UTPR, over six years may fall over time as taxpayers react to it.
- The latest UK budget, released Nov. 22, introduced the UTPR, a backstop rule in the global minimum ...
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