Video: Government advisor gives advice on tax avoidance
One of the coalition’s tax advisers has resigned after being secretly filmed offering tips on how to keep money “out of the chancellor’s grubby mitts”.
One of the coalition’s tax advisers has resigned after being secretly filmed offering tips on how to keep money “out of the chancellor’s grubby mitts”.
The files released from the International Consortium of Investigative Journalists (ICIJ) may finally put faces to the offshore accounts scandal whose numbers are quite astounding.
A recent report by the Tax Justice Network found that the equivalent to the total combined GDP of U.S. and Japan is being hidden away by those rich enough to use offshore accounts.
The Organization for Economic Cooperation and Development (OECD) – a body that advises Britain and other European countries on tax and spend policies – has been accused of enabling global corporations such as Google Inc. (GOOG), Hewlett- Packard Co. and Amazon.com Inc (AMZN) to dodge taxes by shifting profits into offshore subsidiaries.
Previously describing tax avoidance as “morally repugnant”, Osborne has commendably acknowledged the extent of the problem as a drain on public finances. Unfortunately the key weapon in Osborne’s arsenal to tackle the problem – the General Anti-Abuse Rule (GAAR) – is far too narrow to prevent the major headline-grabbing schemes which have emerged in recent months.
The government claim to be taking tax avoidance seriously, but so far the rhetoric has been far removed from reality.
The chancellor George Osborne has written in the Guardian that he is committed to ending tax abuse by multinational companies. He needs to show he means it.
Fifty-five thousand HM Revenue and Customs (HMRC) staff are on strike today over plans to axe 10,000 jobs from the department.
Making it easier for British multinationals to shift the profits they make into tax havens makes no sense whatsoever, explains ActionAid’s Chris Jordan.
George Osborne’s Swiss tax deal is allowing these individuals to buy their anonymity – but the question remains, why would they want to be anonymous?
Following a successful weekend of demonstrations, the Daily Mail has joined the UK Uncut tax avoidance campaign. Alex Brummer writes today about the “exploitation of rules” by corporations.