Brown to signal move on overseas profit tax - report |
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Mon, 18 Jun 2007 07:19
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LONDON (Thomson Financial) - UK Chancellor Gordon Brown will this week signal that he is prepared to ease controversial tax rules that force multinational companies to pay a levy on repatriated overseas profits, The Times reported.The paper said Brown, who is set to succeed Tony Blair as Prime Minister, will use his annual Mansion House speech on Wednesday to pave the way for a relaxation of the rules.Under the current tax regime, UK companies must pay a top-up charge on all repatriated profits earned in countries where the tax rate is lower than in the UK. Critics say this puts UK companies at a disadvantage because many economies have sharply reduced their corporate tax rates.tf.TFN-Europe_newsdesk@thomson.commn/cm2COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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