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Business quote of the day: "Companies would get round it"

KPMG has little time for the Chancellor's plans to clamp down on tax avoidance.

Osborne. Photograph: Getty Images

This would just replace one set of complicated rules with another and companies would get round it.

Chris Morgan, head of tax policy at Big Four accountancy firm KPMG, casts doubt on plans from the chancellor to make the tax system more transparent and close a tax loophole known as “unitary” taxation. The move follows G20 finance ministers pledging to crack down on tax avoidance by multinational companies.