| UK CEOs wary of convergence |
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| Tuesday, 08 April 2008 | |
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Page 2 of 2 Consistent approach Global CEOs are divided on whether their governments are aggressively changing the tax rules to raise additional revenues. One in three of the total sample believes that the rules are being changed to increase the tax take. This perception is slightly stronger in the UK (45 per cent). CEOs in India (83 per cent), Brazil (70 per cent), Korea (50 per cent) and Italy (50 per cent) think more positively of government actions. Conversely, over half of CEOs in Australia, Canada, France, Germany, the Netherlands and the US think otherwise. Collier-Keywood explained that with today’s business operating across multiple tax jurisdictions there needs to be a consistent approach by tax authorities that does not hinder the competitiveness of countries. He believes that collaboration both among governments, and between business and government, is essential to ensure that the tax and regulatory framework is fit for purpose. “Business can also help this process by being more transparent about all of the taxes that it is required to pay,” he added. Decline in business confidence More generally, UK CEOs are cautiously optimistic about their business growth prospects, with a 7 per cent drop in short term confidence from 50 per cent last year, and 5 per cent drop in those who are very confident for the long term. Overall, the global survey shows their confidence about the prospects for business has declined for the first time since the 2003 survey. UK CEOs will bolster their growth plans with some of the most active merger and acquisition (M&A) and geographic expansion plans globally. They temper their outlook with ongoing concerns surrounding availability of key skills and the rising cost and complexity of running business in the UK including tax, regulatory, people and energy issues. Related articles
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