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LATEST NEWS & EVENTS Govt launches corporate taxation reform  Corporate legal services dealing in management buy outs and commercial agreements between companies may be affected by changes to the tax system announced by the government. Among proposals on corporate taxation in the UK, the Treasury gave details on how the government will reform the Controlled Foreign Company (CFC) rules. More targeted guidelines will be introduced in 2012, with an interim package of reforms to be launched in 2011. This follows a consultation process on CFC rules launched in the beginning of the year and ended on April 20th. Also included in the set of changes was a commitment to legislate an opt-in exemption for profits earned in foreign branches of UK companies by next year. Under this approach, companies will no longer be subject to UK corporate tax on their foreign branch profits. Exchequer secretary to the Treasury David Gauke said: "In recent years, too many businesses have left the UK amid concerns over tax competitiveness. "It's time to reverse this trend. Our tax system was once viewed as an asset. And it needs to be an asset again." Posted by Gaby Hamerton 
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