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Draft legislation was published yesterday in respect of the new Diverted Profits Tax (which has, in the UK, become quickly known as the 'Google Tax'): see
here (
pdf). The main objective of the new tax is described by the Government in these terms: to counteract contrived arrangements used by large groups (typically multinational enterprises) that result in the erosion of the UK tax base.
Update (12 December 2015) - further guidance has been published and is available
here (
pdf).
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