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 £395bn
Topic Originator: jake89  
Date:   Fri 14 Aug 16:15

Lost through corporate tax avoidance.

To give an idea of the scale, that's 40x the rate of benefit fraud and more than double the entire benefit budget.

I trust we'll be seeing action soon...err...
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 Re: £395bn
Topic Originator: The One Who Knocks  
Date:   Fri 14 Aug 18:07

That report by the Tax Justice Network came out last year Jake. Worth noting of course that figure is the global total and isn't just the UK.

And although my eyes were open
They just might as well be closed
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 Re: £395bn
Topic Originator: jake89  
Date:   Fri 14 Aug 20:26

My mistake. I saw the story but didn't notice the date!
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 Re: £395bn
Topic Originator: donj  
Date:   Fri 14 Aug 21:19

Point still valid though.The poor are paying and suffering basically to make the rich richer.
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 Re: £395bn
Topic Originator: OzPar  
Date:   Sat 15 Aug 06:56

Tax corporate turnover, not corporate profits.
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 Re: £395bn
Topic Originator: Andrew283  
Date:   Sat 15 Aug 15:06

Time to eat the rich
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 Re: £395bn
Topic Originator: red-star-par  
Date:   Sat 15 Aug 17:58

Quote:

Andrew283, Sat 15 Aug 15:06

Time to eat the rich


To be honest, I would be all for this, it really is time those that are taking everything we're getting held to account. No chance of it happening though, people are too brainwashed. They think that a few people risking their families lives in a dingy to reach a safe haven are reason they are poor, rather than billionaires and corporations not paying their way
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 Re: £395bn
Topic Originator: McCaig`s Tower  
Date:   Mon 17 Aug 21:58

How would taxing turnover rather than profits help, Oz?
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 Re: £395bn
Topic Originator: Luxembourg Par  
Date:   Mon 17 Aug 22:17

Because turnover can be traced and verified, and doesn't have the ability to be reduced by various 'tax beneficial' measures, such as transferring profits offshore or magically increasing loan interest payable.

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 Re: £395bn
Topic Originator: OzPar  
Date:   Tue 18 Aug 09:13

Yes, that about sums it up, Lux.

It is a logical and practical means of addressing the multiple tax-dodging measures employed by many of the richest companies in the world.

Change corporate tax law to a simple transactional code whereby both the buyer and the seller pay tax to the country in which the transaction takes place. This can be defined as the country where the money is handed over from.

VAT, or GST as it is known in some countries, is currently paid by the end-user (you and me) when we buy something. The same principle could and should apply to a company that sells something to you.

That way companies can be deterred from diverting their profits to offshore tax havens and paying nothing to the country in which they are trading.
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 Re: £395bn
Topic Originator: Luxembourg Par  
Date:   Tue 18 Aug 09:35

Yup - a similar set of rules to the EU VAT directives, making the tax payable in the country of destination would make the taxes paid relevant to the actual usage of goods.

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 Re: £395bn
Topic Originator: jake89  
Date:   Tue 18 Aug 12:43

Quote:

Luxembourg Par, Tue 18 Aug 09:35

Yup - a similar set of rules to the EU VAT directives, making the tax payable in the country of destination would make the taxes paid relevant to the actual usage of goods.


Is this not one of the reasons for Brexit? To avoid that?
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 Re: £395bn
Topic Originator: Luxembourg Par  
Date:   Tue 18 Aug 13:26


Is this not one of the reasons for Brexit? To avoid that?


Don't think so - one of the better things that the EU has done... eventually... was to make VAT payable on destination country, TO the destination country.

Historically, quite a few large companies moved to (and are still located) in Lux due to us having the lowest VAT in EU at the time (15% standard and quite a few low/zero rated things)
Meaning, sales recorded here going to (for example) Netherlands had VAT of 15%, instead of 21%
Off the top of my head - Amazon, Skype, Paypal, Ebay, LiveJasmin, Setanta. I even recall Sky Broadband, Virgin Media & Talk Talk entities at one time...





Post Edited (Tue 18 Aug 22:20)
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 Re: £395bn
Topic Originator: jake89  
Date:   Tue 18 Aug 17:32

But isn't the EU essentially banning that meaning the likes of Apple will pay 20% tax rather than whatever it is in Ireland (though sure the Irish effectively pay them back anything they pay anyway).

I think I'm maybe getting confused with EU plans to reduce tax avoidance.
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 Re: £395bn
Topic Originator: Luxembourg Par  
Date:   Tue 18 Aug 22:25

Nope - the EU is/was pushing for it:

EU states propose 'turnover tax' to fight back against tech giants' corporation tax dodging

European Commission wants to levy a turnover tax of 0.1% on MNC’s

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 Re: £395bn
Topic Originator: jake89  
Date:   Tue 18 Aug 22:58

That's what I mean. Is it not that the EU want to reduce tax avoidance whereas the UK wants to allow it?
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 Re: £395bn
Topic Originator: Luxembourg Par  
Date:   Wed 19 Aug 08:44

<Is it not that the EU want to reduce tax avoidance whereas the UK wants to allow it?>

Huh?


It's alleged that some of the rich backers of the Tories want to avoid declaring offshore accounts, as per upcoming EU regulations.
- more about hiding wealth than avoiding tax...

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 Re: £395bn
Topic Originator: OzPar  
Date:   Thu 20 Aug 04:39

The EC measures are really just a drop in the ocean as far as tackling the problem of corporate tax dodging is concerned. A 0.1% levy that produces just 10 billion euros is nothing more than a short across the bow.

A far more radical move would be to effectively scrap the existing corporate tax measures which give companies and their tax law specialists endless avenues to exploit to their advantage. Instead, switch to a simple transactional system where the buyer pays, lets say 10% VAT to his government, and the seller pays 10% sales tax to the country of destination.

Think of it like selling something at auction. The auctioneer receives a commission from both the buyer and the seller. It is simple and it works. For auctioneer insert government.

That way the transaction is out in the open and countries receive a fair share of tax from everyone, including the giant multinationals who currently pay nothing.
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 Re: £395bn
Topic Originator: Buspasspar  
Date:   Fri 21 Aug 08:28

Slightly off topic This from the Beeb :-

Total UK government debt has exceeded £2 trillion for the first time.

At the end of July, debt was £2.004tn, £227.6bn more than at the same point last year, the Office for National Statistics (ONS) said.

This is 100.5% of GDP, the first time it has been above 100% since the 1960-61 financial year, the ONS said.
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 Re: £395bn
Topic Originator: LochgellyAlbert  
Date:   Fri 21 Aug 10:58

Anybody seen Boris Johnson??🤔😡😡😡
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