Brexit Causing Distractions
It had been reported that Boris Johnson’s UN General Assembly appearance would be dominated by announcements of “rolling out the red carpet” to investors, particularly from the United States, with a proposed reduction in the corporate income tax rate to 17% planned to set the cat among the European pigeons, post-Brexit, and a trade deal with the US hoped to be on the cards.
However, the major Boris Brexit Blockbuster speech was somewhat derailed by events in the courts back home, and his speech on technology matters (a key planned focus area once freed from European regulatory and tax ‘shackles’) as delivered to the UNGA was – by all accounts – both perplexing and perplexed, taking in limbless chickens, Greek mythology and malevolent household AI.
Matters of tax and economics have remained mostly off the table since the Prime Minister’s earlier than anticipated return to the UK as well, with bad-tempered debate in the reconvened House of Commons focusing on the Benn bill – designed to force the government’s hand in the face of no deal being agreed ahead of the October deadline – and the divisive language employed by Mr. Johnson and his compatriots to describe the contentious piece of legislation.
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look