The government has hinted there is still time to conclude the foreign profits taxation consultation so changes can be made in the Finance Bill 2009. Speaking this morning at a briefing chaired by Oxford University's Centre for Business Taxation, Edward Troup, director of business and indirect tax at the Treasury, said it would clearly be a tight timetable, and would require a huge amount of goodwill from business. 'In an area like this, the legislation is never going to be right the first time,' he said. He said that the full cooperation of business in resolving outstanding details following implementation would be required. He made a 'contingent plea' that the business community should do this 'sensibly' without recourse to accusations of the government of ignoring its interests. The government issued its foreign profits discussion document in June 2007. A furore followed as businesses disputed the Treasury's claim that the proposals were revenue neutral. The consultation was prompted by globalisation and the tax competitiveness of the UK, and also by European Court of Justice case law. The Treasury retracted some if its proposals in a letter to Richard Lambert, director general of the CBI, on 21 July 2008. It removed any reference to the package of proposals being 'revenue neutral' and instead talked about the 'fiscal risks', particularly in relation to foreign dividend exemptions. The letter also announced a government U-turn on controversial proposals to the controlled foreign company (CFC) rules. Troup reiterated the government's pledge to increase the UK's tax competitiveness in attracting foreign companies and investors, as this would ultimately mean more jobs and economic growth for the UK. But he said that ultimately, the government could not 'sacrifice the corporate tax base in order to attract businesses'. He was, however, 'relentlessly optimistic' that solutions agreeable to business and government could be found. Malcolm Gammie QC said that the package of proposals were like rearranging the deckchairs on a ship, or a case of 'robbing Peter to pay Paul'.