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HMRC and General Electric in $1bn tax dispute

HMRC is seeking to reclaim some $1bn of tax from US industrial giant General Electric (GE), amid claims the company failed to disclose full details of financing arrangements in Australia, and was allegedly using an arbitrage scheme to gain a tax advantage.

HMRC and General Electric in $1bn tax dispute
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  • Shared by Accountancy Daily
  • August 06, 2020
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The development is discussed in a report published by investigative think-tank TaxWatch, which says ‘this appears to be the first time that HMRC has accused a major company of engaging in fraudulent misrepresentation in order to gain a tax advantage’.

Read more at Accountancy Daily.

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