International withholding tax

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International withholding tax

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Multi-nationals can avoid UK corporation tax by paying royalties or licencing fees associated with Intellectual Property including franchise rights. It is common practice in other countries to enforce a withholding tax which requires of the order of 20% to be paid to the state when such payments are made to overseas companies. Under international tax treaties such payments can be offset against corporation tax liabilities in the parent country for the recipient company.

If the UK is to obtain a fair share of the taxation on profits of multi-nationals we need such with-holding tax regulations.

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