KPMG has published its budget wish:
With the budget less than a week away, KPMG suggests some measures which could improve the UK’s attractiveness to businesses from a tax perspective, principally:
- Reduce (or at least do not increase) the level of complexity and uncertainty in the tax system
- Address specific issues around the taxation of foreign profits
- Introduce a specific regime for intellectual property to attract such businesses to the UK
Oh dear KPMG. You reveal your bias (and probably your influence on the ICAEW).
KPMG claim they want reduced complexity. I have to say I do not see the evidence. Not least because they ask for principles based legislation but no General Anti-Avoidance Principle. Sorry, but one does not stick without the other.
They want to make it easier for companies to not pay tax in the UK on their foreign profits.
And they want to lower taxes on intellectual property in the UK.
The goal is unambiguous and clear. It is to reduce the tax rate on big business and those who own them – always the wealthiest in society. It is to make it easier to avoid tax. It is to ensure that unearned income is taxed less than earned income – so shifting the burden of tax onto ordinary people.
It is so transparent in its desire to increase the wealth gap it is ludicrous.
But still these people are treated as credible commentators when actually they are seeking to ensure that the problems this economy faces increase in scale. I despair, not for the first time today.