UK Diverted Profits Tax Earns Government 1 Billion Extra in Uncollected Tax
The UK's diverted profits tax (DPT), introduced in 2015 to tackle profit diversion by multinational companies, has collected more than GBP £5 billion in extra tax. The figure includes settlements of over 60 investigations from the following sources:
- Additional corporation tax of over GBP £2.2 billion.
- An extra GBP £2 billion from businesses restructuring their operations as a result of DPT.
- GBP £369 million from DPT charging notices.
According to officials, the HMRC is currently conducting approximately 100 investigations into diverted profits arrangements by international conglomerates.