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The CBI commented on an OECD report on international taxation - Addressing Base Erosion and Profit Shifting (BEPS).

Richard Woolhouse, CBI Head of Tax & Fiscal Policy, said:

“In some cases the last time business tax rules were updated was in the 60s and 70s, reflecting an era of national-based firms.

“That’s why the tax system needs to be updated for the global and digital age. The UK must continue to work together with other countries through the OECD to update these rules, particularly on transfer pricing and intangibles, such as intellectual property.”