If she will make an assessment with the Secretary of State for Business and Trade of the potential merits of applying the same level of (a) import duties, (b) VAT on (i) import and (ii) end sales, (c) corporation tax and (d) other taxes to (A) domestic manufacturers and (B) international manufacturers who export goods into UK markets.
The Government is clear that all businesses, whether based in the UK or overseas, should pay their fair share of taxes where they operate in the UKWe will continue to keep the UK’s Most Favoured Nation tariff schedule, known as the UK Global Tariff, under review to reduce unnecessary costs and promote a stable operating environment for businesses.UK VAT is charged at the same rate regardless of whether goods are produced domestically or imported.The Government has also taken significant steps to ensure that the amount of Corporation Tax companies pay in the UK on their profits reflects the economic activities they undertake here. For instance, the Corporate Interest Restriction rules prevent multinationals from avoiding tax by using contrived financing arrangements to make excessive interest deductions.The introduction of a global minimum corporate tax will protect against aggressive tax planning and profit shifting, helping ensure profits made in the UK are taxed in the UK.