politics
UK to miss out on £600m in tax due to US exemption, says HMRC
HMRC estimates the United Kingdom will forgo about £600 million annually after the United States received an exemption from the global minimum tax agreement. The figures were released during a review by Parliament’s Public Accounts Committee.
Jul 9, 7:01 PM·1m read1 source
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The figures were provided during a review by Parliament’s Public Accounts Committee into tax paid by large multinational firms operating in the UK.
International tax agreement Nearly 150 countries agreed in January to a 15 percent global minimum tax intended to limit profit shifting by large companies to lower-tax jurisdictions. The agreement was finalised by the Organisation for Economic Co-operation and Development. The United States received an exemption from the rule, known as Pillar 2.
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