A panel of MPs has criticised the country's tax authority for being too lenient on big business and urged it to take companies to court to force them to pay more tax. Corporate tax avoidance has risen to the top of the political agenda after revelations about the cross-border structures used by companies such as Google to reap billions of dollars of sales in Britain but pay little or no tax there. The government has trumpeted its role in international efforts to tackle these profit-shifting tactics, but Britain's Public Accounts Committee (PAC) said in Thursday's annual report on tax collection performance that Her Majesty's Revenue & Customs (HMRC) remains too corporate-friendly. While efforts have been made to clamp down on profit-shifting, Britain has drastically reduced corporate tax rates and introduced other reforms requested by big business to make the country a more attractive location for foreign investment.
New York (United States) (AFP) - US stocks Wednesday surged to new records after the US Federal Reserve modestly scaled back its bond-buying program, while signaling it would continue to keep interest rates low.