Transfer Pricing Report

Labour Party’s Corbyn Promises to Rework Corporate Tax System (1)

Nov. 15, 2019, 7:54 PMUpdated: Nov. 15, 2019, 8:33 PM

U.K. opposition Labour Party Leader Jeremy Corbyn vowed to overhaul the country’s corporate tax system if his party wins in December.

Under a proposal the party unveiled Nov. 15, the profits of a U.K.-based multinational group would be taxed based on economic indicators such as the number of employees or sales made in a particular jurisdiction.

“We’ll tax the giant corporations fairly—the Facebooks and the Googles,” he said in an emailed statement, to partially fund his proposal to provide free high-speed broadband across the U.K. by 2030.

Corbyn made the statements ahead of the country’s Dec. 12 general elections amid...

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