CONTENTS
Terms of Reference
Summary
Chapter 1: Introduction
Why this report?
Box 1: How multinationals can lower their
tax bills
Chapter 2: Corporation tax in the UK and
its international dimension
The UK Corporation Tax
Why tax corporations?
Origins
Rates
Allowances and Deductions
Revenue Yield
Table 1: Corporation Tax Revenues as % of
GDP
Table 2: Contribution by tax to total HMRC
receipts 2012-3 (%)
The International Dimension
Double taxation treaties
Arm's length transfer pricing
Transparency and exchange of information
Flaws in the existing system
Compliance
Anti-avoidance measures already taken in
the UK
Corporate Tax Payers
Tax Practitioners
The Critics
The broader picture
Chapter 3: What changes should be made in
the UK?
Tax reforms
Reform treatment of debt & equity
Other Unilateral measures
Addressing compliance
Naming & shaming
Code of Conduct and Regulation of Tax Advisers
Public procurement
Penalties
Transparency
Chapter 4: International reform
The OECD Base Erosion and Profit Shifting
project
Options for radical change
Unitary taxation
Destination-based tax on corporate cash flows
Chapter 5: HM Revenue & Customs (HMRC)
Enforcement
Oversight
Resources
Chapter 6: Treasury Review
Chapter 7: Summary of Conclusions and Recommendations
Appendix 1: List of members and declarations
of interest
Appendix 2: List of Witnesses
Appendix 3: Call For Evidence
Appendix 4: Glossary
Appendix 5: Tax Treatment of Debt and Equity
Evidence is published online at www.parliament.uk/hleconomicaffairs
and available for inspection at the Parliamentary Archives (020
7219 5314)
References in footnotes to the Report are as follows:
Q refers to a question in oral evidence.
Witness names without a question reference refer
to written evidence.
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