There has probably never been greater public interest in how much tax is paid by large companies in the wake of the financial crisis, the need to repair public finances and concern about whether companies are paying ‘the right amount’ of tax. Transparency around tax policy and tax payments has therefore continued to be high on the agenda of a range of external stakeholders, including civil society organisations and the Government.
The Government’s economic policy objective is to achieve strong, sustainable and balanced growth which is essential to secure lasting prosperity for the UK. A fiscal policy which puts the public finances onto a more sustainable basis is paramount, and to help achieve this it is the Government’s ambition to create the most competitive tax system in the G20. The Government is looking to make sure that the UK has an economic environment which is capable of attracting the investment needed to achieve this goal.