Commenting on the Public Accounts Committee report into corporate tax settlements, Dr Adam Marshall, Executive Director of Policy and External Affairs at the British Chambers of Commerce, said:

“We have been calling for co-ordinated international action to stop a small number of companies conducting aggressive avoidance schemes for some time, so we are pleased that the Committee has also urged HMRC to lead the way in pressing for changes. The government should continue its push for agreement on Base Erosion and Profit Shifting (BEPS), and work with dozens of other countries and the OECD to get things right.

“Reforms such as this are crucial to restoring trust in the tax system, at a time when many businesspeople are angry at what they see as two different sets of rules: one for them, and one for the biggest corporations.”