Corporation Tax News
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Traders are standing by Platts, the company that provides benchmark prices for much of the world’s energy products, amid a European probe into market manipulation.
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Goldman Sachs Group Inc.’s deal with the U.K. government that may have saved the investment bank as much as 20 million pounds ($30.6 million) on its taxes didn’t break any laws, a judge ruled.
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Vodafone Group Plc may reap $100 billion from its investment in U.S. mobile-phone venture Verizon Wireless and the U.K. government probably won’t get a penny thanks to an automatic exemption.
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Goldman Sachs Group Inc. was able to avoid paying as much as 20 million pounds ($31 million) in U.K. taxes as the government fought to shield Chancellor of the Exchequer George Osborne from political embarrassment, an advocacy group said at a London trial.
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The U.K. government is fighting an unwinnable battle against tax avoidance, lawmakers warned, as they called for greater transparency from companies and more resources to police compliance.
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RWE Npower Plc was attacked by U.K. lawmakers for not paying corporation tax in the last three fiscal years, after the energy company said it is allowed to reduce its tax liability because of its investments.
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U.K. Chancellor of the Exchequer George Osborne said the levy on banks will be increased for a sixth time to ensure lenders don’t benefit from a cut in corporation tax.
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Chancellor of the Exchequer George Osborne announced an additional cut in the rate of Britain’s corporation tax in a bid to spur economic growth.
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Chancellor of the Exchequer George Osborne said the forecast for U.K. economic growth this year was cut by half as he lowered corporation tax and set out an updated central-bank remit to aid Britain’s recovery.
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The U.K. Treasury said it has closed a loophole in the corporation-tax system that allows companies to deduct certain types of expenses from profit.
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