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Mobile phone giant Vodafone paid no UK corporation tax for the second year running, despite earning more than £5bn of revenues in Britain.
The Berkshire-based group said investment in its UK network and interest payments more than wiped out corporation tax liabilities during the year to the end of March, although it paid around £3bn of tax overseas
Originally posted by jrmcleod
Some of you will be aware of the almost endless list of companies who pay very little or NO Corporate Tax in the UK. Google, Starbucks, McDonalds etc.
Yet again we find ourselves in the same old, same old. Companies using legal loopholes to get out of it. The most recent being Vodafone.
According to Sky News, even after over £5,000,000,000 in UK sales, they paid a massive £0.
The UK at the moment is on the band wagon of blaming all the welfare claimants for the countries mess, not the banks, the elite, the tax avoiding companies etc...but the guys struggling to feed their families and get a job.
These loop holes should be closed as a matter of urgency. Is it any wonder the UK is in such a mess? Is it any wonder why we are the laughing stock of Europe.
Mobile phone giant Vodafone paid no UK corporation tax for the second year running, despite earning more than £5bn of revenues in Britain.
The Berkshire-based group said investment in its UK network and interest payments more than wiped out corporation tax liabilities during the year to the end of March, although it paid around £3bn of tax overseas
Originally posted by Sankari
It is utterly insane to punish successful businesses with tax reforms specifically aimed at reducing their profits. If these corporations have found ways of minimising their tax, good for them!
The more money they make, the more they put back into the economy and the more they can grow. This benefits everyone.
Originally posted by Rocker2013
Originally posted by Sankari
It is utterly insane to punish successful businesses with tax reforms specifically aimed at reducing their profits. If these corporations have found ways of minimising their tax, good for them!
The more money they make, the more they put back into the economy and the more they can grow. This benefits everyone.
The problem is that this is a myth.
A minor % of that profit actually goes back into the economy.
Look at any local economy anywhere in the world and you will see the same thing. Corporations are designed to do one thing; make profit at all cost. That's the soulless nature of corporate business. Because of this, money is sucked out of communities. A small amount is paid back in the form of wages, but in comparison to what ten smaller local businesses would do to actually support a small economy, a corporation is like a steamroller mowing its way through and funneling everything OUT of that community - usually to offshore accounts and shareholders living in luxury apartments in Manhattan.
Don't take this the wrong way, but I sometime wonder if you're a troll. Then I remember politicians like Bachman and Palin and I get a shiver of realization that there really are people like you out there in the world
Originally posted by Sankari
It is utterly insane to punish successful businesses with tax reforms specifically aimed at reducing their profits. If these corporations have found ways of minimising their tax, good for them!
The more money they make, the more they put back into the economy and the more they can grow. This benefits everyone.
A 30% flat tax is madness. You would destroy the business sector in 12 months, forcing hundreds of companies to close and many others to go offshore. If a corporation is legally paying 5% tax, what right does the government have to increase its burden by 500%? None whatsoever!
Higher taxation = class envy. Flat tax with no so-called 'loopholes' = wealth redistribution, which is neo-Marxism.
Originally posted by Tiger5
reply to post by jrmcleod
Actually loopholes do tend to be closed off come the new budget. The problem is that many of these companies are multinationals who can move to other countries who are more sympathetic taking jobs with them. So the issue is where a the replacement jobs to come from?
Also many of these loopholes are not loopholes but are legitimate methods of minimising tax. To change these would require global changesin International law which would not happen in the foreseeable future.
Sorry to be so negative.
Tiger5
PS we can boycott various companies however