“We welcome the current debate on tax and the seriousness with which parliament is looking at it. The tax system is a fundamental element of the UK economy and underpins our civil society.
“We support the government’s commitment to fairness and transparency on tax and to ensuring that the UK remains competitive on the global stage.
“We agree with many of the conclusions and recommendations in the report around improving the domestic and international tax codes, namely:
“The Public Accounts Committee suggests that the Treasury should introduce a code of conduct for tax advisers. It is worth noting that there is already a Professional Code of Conduct in relation to Taxation which has been jointly prepared by the professional institutes and reviewed by HMRC. This code is being updated by the institutes to ensure it reflects the current environment.
“The Public Accounts Committee describes the UK tax system as ‘hopelessly complex’. Our work helps our clients meet their compliance obligations and assess the tax implications of commercial transactions. The positive contribution of tax advisers to the efficient operation of the tax system has been recognised both domestically by HMRC and internationally by the OECD.
“In this complex environment, judgments have to be made about what constitutes acceptable tax planning. As we stated in our evidence submitted to the Public Accounts Committee, at KPMG we make those judgments with reference to a set of principles.
“When requested to by Government departments we do provide individuals on secondment. Their role is to provide tax technical input and commercial experience so that the authorities can make informed choices on tax policy. Our secondees do not write legislation or make policy decisions.
“As the business world evolves, the tax system must adapt. We welcome the Government’s initiatives on both domestic and international levels to ensure the continued evolution of the UK and global tax system to operate effectively in the current environment.”
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KPMG Press office
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Margot Cowhig, KPMG Corporate Communications
Tel: +44 (0) 207 694 4246 / (0)7920 274856 Email: firstname.lastname@example.org
KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.