If at first you don’t sucCCCTB…

How similar are Chris Evans (newly announced presenter of BBC Top Gear) and David Gauke (UK Financial Secretary to the Treasury)? I know, a question we have asked all too often.

Later today the European Commission will provide more detail on a revival of the Common Consolidated Corporate Tax Base, or CCCTB.

Mention CCCTB to any tax professional who has been around for a while and you will get a similar response. Cue rolling of eyes and a little chuckle.  We’ve been here before. Or so we think.

What becomes of the broken haven?

Much of the current tax debate centres on the use of “tax havens” by certain multinational enterprises (“MNEs”). It is undeniable that some large corporates and high net worth individuals are using such jurisdictions to reduce their tax, hide illicit activity, or both.

And there are a number of initiatives aimed at tackling this. These include country-by-country reporting (“CBCR”) and information exchange agreements.

The aim? To eliminate nefarious activity, and ensure that activities are taxed in the right place, and to the right extent. And who will lose out? Evil MNEs of course. Anyone else?

The Tax Avoidance Magic Porridge Pot

The Magic Porridge Pot is a children’s story about a porridge pot which is magic. The clue is in the title. What is magic is that the porridge pot keeps refilling, however much you eat.