(5 years, 1 month ago)
Commons ChamberThe UK is a world leader on tax compliance, with one of the lowest tax gaps in the world. The UK was a major sponsor of the OECD’s base erosion and profit shifting project and has adopted many of the recommendations. The Government also introduced the diverted profits tax, which came into effect on 1 April 2015 and counters the contrived arrangements used by some multinationals to divert profits from the UK.