Chas Roy-Chowdhury, head of taxation at the Association of Chartered Certified Accountants, said the UK should follow the crowd in response to the erosion of the tax base and the movement of profits, rather than to bring the crowd and vote for the exit of Great Britain from the EU.
Roy-Chowdhury recommended that the adoption of the measures proposed by the OECD to tackle the erosion of the tax base and the movement of profits, instead of British or European departures facilitated b administrative burden on the UK government at the time when it is likely to be stretched negotiations on Brexit.
He said, that against all the other uncertainties to the global economy, further changes in the high-level for the taxation of transnational corporations would be an unfortunate distraction at a time when the business is the most touching response to volatile global political and economic background, as well as the civil service of Great Britain will need its brightness. It is best to focus on the key issues to ensure future trade options and opportunities for growth.
Also, he noted, that the development of alternative models of cross-border taxation of transnational corporations is extremely resource intensive – the deviation of the resource in the revised model for taxation of profit may not be as productive in the short term, as the first protection and solicitude core capabilities to create the income of governance. UK Revenue and customs should adhere as closely as possible the existing structure of BEPS; however, justifiable criticisms BEPS elements can be only one model for a global tax that will drive better results than confusion of fragmented interpretation of ‘perfection’.”