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Chancellor aims to soothe tax worries over foreign profits
Independent, The (London), May 19, 2008
Business News IN BRIEF
*The Treasury is trying to take the heat out of a tax row with British companies about foreign profits. The Chancellor, Alistair Darling, will tell the Confederation of British Industry in a speech tomorrow that his plan to tax foreign profits is not designed to raise revenues and he is ready to make concessions. Businesses have been worried over intellectual property, such as patents, held offshore, fearing a tax bill raised by millions since a discussion document about foreign subsidiaries and tax was released last year. The Chancellor is also likely to reveal the names of the multinational forum on tax, chaired by the Treasury Financial Secretary, Jane Kennedy. It will include Julian Heslop, chief financial officer of GlaxoSmithKline, and Douglas Flint, chief financial officer of HSBC.
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