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<p>Government has taken significant steps to tackle multinational avoidance. That
includes the introduction of the diverted profits tax, which raised over £280 million
in 2016/17, and a restriction on the deductibility of corporate interest, which is
estimated to raise £1 billion per annum. It also includes measures to extend UK withholding
tax on royalties paid to low-tax jurisdictions</p><p> </p><p>The UK continues to engage
with international efforts to improve adherence to international tax standards, including
through the EU list of non-cooperative jurisdictions which was agreed by EU Finance
Ministers in December last year.</p>
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