THE MAJORITY of UK businesses are willing to pay more in taxes in return for greater clarity from tax authorities.
Some 83% of UK businesses canvassed agreed they would be willing to pay more, compared with 74% globally, according to Grant Thornton’s International Business Report – a global survey of 2,580 businesses across 35 economies.
Large businesses and their tax affairs have come under heavy scrutiny following a litany of scandals that have seen companies channel profits offshore to low-tax jurisdictions.
Grant Thornton UK head of taxation Jonathan Riley said: “The levels of taxation paid by businesses has become a very public and emotive issue. It’s interesting to see these survey results as this is not something we commonly hear from our core clients in the mid-market. Setting emotion to one side, businesses have a responsibility to their investors and shareholders to keep costs down – within the existing regulatory parameters.”