The FT reported last week that:

Proposals for a radical overhaul of the taxation of foreign profits could damage inward investment, US multinationals have warned the Treasury.

Let me be honest: I don't trust the motives of those making the comments. The Treasury has said any change must be cost neutral but John Whiting of PWC has said:

The propositions fail because they increase the administrative burden and they seem to increase the tax burden on business.

It's hard to support either claim, as his own choice of words makes clear. The protest is made, none the less.

The answer has to be more radical: go for unitary taxation as the Tax Justice Network has proposed.