1-20 of 146 results for subject:Profits
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To ask Mr Chancellor of the Exchequer, how much was raised by the diverted profits tax in 2015-16.
To ask Mr Chancellor of the Exchequer, how much was raised by the diverted profits tax in 2015-16.
The Diverted Profits Tax is designed to counteract contrived arrangements used to avoid tax in the UK, and incentivise businesses to change their behaviour and pay tax on profits from economic activities in the UK. The Office for Budget Responsibility's (OBR) recent assessment at Budget 2016 is that overall yield (including Corporation Tax from behavioural change) is expected to be close to that originally scored.
The OBR noted on page 122 of its “Economic and fiscal outlook” March 2016: “Our forecast assumes that overall yield from the measure will be close to that originally scored, but we now expect that around two-thirds of the yield will come through higher Corporation Tax payments (as firms restructure their tax affairs) rather than via the diverted profits tax itself.” This is available at: http://cdn.budgetresponsibility.org.uk/March2016EFO.pdf.
To ask Mr Chancellor of the Exchequer, when the Government expects to publish its response to the consultation on the Patent Box.
To ask Mr Chancellor of the Exchequer, when the Government expects to publish its response to the consultation on the Patent Box.
We have reviewed all the responses to the consultation, which have fed into considerations of the detailed design of the new Patent Box rules. We are continuing to engage with stakeholders on relevant aspects of the new rules.
We expect that the government’s response to the consultation will be published later this year
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of making country-by-country reporting of UK-listed company profits publicly available.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the potential merits of making country-by-country reporting of UK-listed company profits publicly available.
The UK supports efforts to improve tax transparency. We initiated the international work on country-by-country (CbC) reporting to tax authorities during our G8 Presidency in 2013, calling on the OECD to develop a template for this as part of the BEPS project.
The UK was the first to commit to implementing the OECD model with legislation in Finance Act 2015. The Government believes that there is scope for greater transparency by pressing the case for public CbC reporting on a multilateral basis. As the Chancellor has said, this is something that the UK will seek to promote internationally.
The European Commission has now proposed amendments to the Accounting Directive for public CbC reporting, and we believe these proposals are a step in the right direction towards new international rules for greater public transparency
To ask the Secretary of State for International Development, what estimate her Department has made of the amount of profits moved out of developing countries by UK-listed companies in each of the last five years.
To ask the Secretary of State for International Development, what estimate her Department has made of the amount of profits moved out of developing countries by UK-listed companies in each of the last five years.
The Department for International Development does not collect this data.
To ask the Secretary of State for International Development, what discussions she has had with Cabinet colleagues on the introduction of measures for country-by-country reporting of profits for UK-listed companies.
To ask the Secretary of State for International Development, what discussions she has had with Cabinet colleagues on the introduction of measures for country-by-country reporting of profits for UK-listed companies.
DFID Ministers and officials have regular discussions with other Government Departments on a wide range of issues relating to international development, including tax.
The UK supports efforts to improve tax transparency. We initiated international work on country-by-country (CbC) reporting during our G8 Presidency in 2013, calling on the OECD to develop a framework for CbC reporting to tax authorities as part of the Base Erosion and Profit Shifting (BEPS) project. This important initiative will enhance transparency between business and tax authorities, including those of developing countries.
The UK leads international efforts to help developing countries tackle tax evasion and avoidance. DFID funds the Global Forum and the World Bank to provide technical assistance to improve exchange of tax information in developing countries which will allow tax authorities to gain access to information such as country-by-country reports. We also support the OECD in helping developing countries tackle multinational practices such as transfer pricing and have provided HMRC tax auditors to Tax Inspectors Without Borders, which puts expert tax auditors in the field working on complex multinational audit cases.
My right hon. Friend the Secretary of State for Defence (Mr Michael Fallon) has made the following Written Ministerial Statement.
I am today announcing that I have set the baseline profit rate for single source defence contracts at 8.95% in line with the rate recommended by the Single Source Regulations...
My right hon. Friend the Secretary of State for Defence (Mr Michael Fallon) has made the following Written Ministerial Statement.
I am today announcing that I have set the baseline profit rate for single source defence contracts at 8.95% in line with the rate recommended by the Single Source Regulations...
I am today announcing that I have set the baseline profit rate for single source defence contracts at 8.95% in line with the rate recommended by the Single Source Regulations Office (SSRO). I am asking the SSRO further to develop the methodology used to calculate the baseline profit rate over...
I am today announcing that I have set the baseline profit rate for single source defence contracts at 8.95% in line with the rate recommended by the Single Source Regulations Office (SSRO). I am asking the SSRO further to develop the methodology used to calculate the baseline profit rate over...
To ask the Secretary of State for Business, Innovation and Skills, what assessment his Department has made of the potential effect on the profit of convenience stores of proposals to devolve Sunday trading restrictions; and what the evidential basis for that estimate was.
To ask the Secretary of State for Business, Innovation and Skills, what assessment his Department has made of the potential effect on the profit of convenience stores of proposals to devolve Sunday trading restrictions; and what the evidential basis for that estimate was.
My Department has carried out an assessment of the impacts of devolving the power to extend Sunday trading hours and this will be published shortly.
To ask the Secretary of State for the Home Department, what profit has been made by the three contractors and sub-contractors under the provision of contracts for asylum accommodation since the contract with Compass began in 2012-13.
To ask the Secretary of State for the Home Department, what profit has been made by the three contractors and sub-contractors under the provision of contracts for asylum accommodation since the contract with Compass began in 2012-13.
The Home Office is unable to release details of the profit / loss made against specific contracts as this information is commercially sensitive.
To ask Mr Chancellor of the Exchequer, what discussions he has had with (a) Members of the European Parliament, (b) EU Commissioners and (c) EU finance ministers on making public the rules for country-by-country reporting of tax and profits by multinational companies.
To ask Mr Chancellor of the Exchequer, what discussions he has had with (a) Members of the European Parliament, (b) EU Commissioners and (c) EU finance ministers on making public the rules for country-by-country reporting of tax and profits by multinational companies.
The UK supports efforts to improve tax transparency. The UK initiated the international work on country-by-country reporting during its G8 Presidency in 2013, calling on the OECD to develop a template for country-by-country (CbC) reporting as part of the BEPS project.
The UK was the first out of 44 to commit to implement the OECD model for CbC reporting with legislation in Finance Act 2015.
We understand that the Commission is also undertaking an analysis of the various tax transparency requirements for multinationals as part of its public consultation, and we look forward to the outcomes of this work.
The Government recognises the case for publishing country-by-country reports on a multilateral basis.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the merits of making public the rules for country-by-country reporting of tax and profits by multinational companies.
To ask Mr Chancellor of the Exchequer, what assessment he has made of the merits of making public the rules for country-by-country reporting of tax and profits by multinational companies.
The UK supports efforts to improve tax transparency. The UK initiated the international work on country-by-country reporting during its G8 Presidency in 2013, calling on the OECD to develop a template for country-by-country (CbC) reporting as part of the BEPS project.
The UK was the first out of 44 to commit to implement the OECD model for CbC reporting with legislation in Finance Act 2015.
We understand that the Commission is also undertaking an analysis of the various tax transparency requirements for multinationals as part of its public consultation, and we look forward to the outcomes of this work.
The Government recognises the case for publishing country-by-country reports on a multilateral basis.
Eighteenth opposition day debate (part one). Main question negatived on division (271 to 299). Amendment agreed to on division (303 to 261).
Eighteenth opposition day debate (part one). Main question negatived on division (271 to 299). Amendment agreed to on division (303 to 261).
The purpose of the diverted profits tax, which came into effect in April, is to ensure that companies stop diverting their profits and pay corporation tax like everybody else. I repeat that I cannot talk about the Google case beyond information that is in the public domain, but if this...
The purpose of the diverted profits tax, which came into effect in April, is to ensure that companies stop diverting their profits and pay corporation tax like everybody else. I repeat that I cannot talk about the Google case beyond information that is in the public domain, but if this...
I beg to move,
That this House notes the agreement reached between HM Revenue and Customs and Google to pay £130 million in respect of taxes due over the period 2005 to 2015; and calls on the Government to publish the full details so that the British public can judge whether...
I beg to move,
That this House notes the agreement reached between HM Revenue and Customs and Google to pay £130 million in respect of taxes due over the period 2005 to 2015; and calls on the Government to publish the full details so that the British public can judge whether...
I will give way in due course, but may I remind Members that this is a time-limited debate and I wish to press on as quickly as I can? Of course Members will have the opportunity to engage.
On the Friday before last, Google announced late in the day by press...
I will give way in due course, but may I remind Members that this is a time-limited debate and I wish to press on as quickly as I can? Of course Members will have the opportunity to engage.
On the Friday before last, Google announced late in the day by press...
I will give way in due course. Calm down.
The Google deal and the Chancellor’s exultation about it were immediately received with incredulity by independent tax analysts—understandably. The Chancellor and HMRC were all too keen to publicly parade the deal, but when challenged to release the detail of it, hid behind...
I will give way in due course. Calm down.
The Google deal and the Chancellor’s exultation about it were immediately received with incredulity by independent tax analysts—understandably. The Chancellor and HMRC were all too keen to publicly parade the deal, but when challenged to release the detail of it, hid behind...
What assessment does the shadow Chancellor make of the Labour Government, who were in charge of taxation during part of that period?
What assessment does the shadow Chancellor make of the Labour Government, who were in charge of taxation during part of that period?
I am grateful for the intervention. The hon. Gentleman probably knows that I was not the most enamoured of the Labour Government’s track record during that period, but it was a Labour Government who started this inquiry and the hon. Gentleman’s Government took six years to complete it. According to...
I am grateful for the intervention. The hon. Gentleman probably knows that I was not the most enamoured of the Labour Government’s track record during that period, but it was a Labour Government who started this inquiry and the hon. Gentleman’s Government took six years to complete it. According to...