Multinationals must pay their fair share of tax
Who says so? The House of Commons Public Accounts Committee, no less.
In a media statement, the Chair of the Committee Margaret Hodge states:
“Global companies with huge operations in the UK generating significant amounts of income are getting away with paying little or no corporation tax here. This is outrageous and an insult to British businesses and individuals who pay their fair share.
Corporation tax revenues have fallen at a time when securing proper income from taxes is more vital than ever.
There is little credible information about what is going on. The evidence we took from large corporations was unconvincing and, in some cases, evasive. HMRC also lacked clarity when trying to explain its approach to enforcing the corporation tax regime.
The inescapable conclusion is that multinationals are using structures and exploiting current tax legislation to move offshore profits that are clearly generated from economic activity in the UK.”
More information here.