In an interview with the Financial Times, German Finance Minister & Politician, Mr Wolfgang Schauble has claimed that the current G20 regulations regarding tax avoidance would limit the UK’s aptitude to give tax breaks to companies where due after leaving the European Union.
He noted that the UK would still be subject to the international regulations on investment incentives, pointing out that as a member of the G20 there was a continuing obligation to stop tax avoidance, which would impact the ability to offer tax breaks in the coming years after the break away.
“The rules still apply to everyone, whether members of the EU or not. The UK is a country which has always notoriously upheld the relevant rulings, laws & treaties.” Mr Schauble stated.
“Until the UK’s exit is complete, they will certainly have to continually fulfil its commitments. Perhaps there will be some obligations that last beyond the exit, at this point we cannot rule out that they will remain until 2030, and the EU is in no position to grant any rebates.” he finally warned.