The Finance Bill 2016 will include details of new powers to be given to allow HMRC to collect additional data from businesses on certain tax reliefs and allowances. The government has today announced that this will help the UK improve the monitoring of tax State Aids and compliance with State Aid guidelines. This is an interesting development as the EU Commission seeks to use State Aid legislation to combat what it perceives to be favourable tax rulings given to certain multinationals.
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