UK business leaders are opposed to any efforts to bring about convergence in global
tax and regulatory systems, according to the results of a new survey.
A study by PricewaterhouseCoopers (PWC) discovered that only a quarter of chief executive officers (CEOs) of British-based companies are in favour of governments driving convergence.
Researchers also quizzed CEOs in 49 other countries and found that 53 per cent of them supported the idea of greater convergence. The figure was more than 70 per cent in the emerging economies of Brazil, India and Russia, as well as in Italy and Germany.
PWC's UK head of tax Richard Collier said he was not surprised to find his compatriots are keen to maintain sovereignty of the country's tax regime.
"Clearly they are wary of convergence of international tax systems, no doubt fearing this would lead to more complexity, uncertainty and time being spent on dealing with red tape," added Mr Collier.
Meanwhile, a new report by the Confederation of British Industry has concluded that British businesses will pay an extra £4.2 billion in taxes over the next three years, despite a cut in the headline rate of corporation tax.
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