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Old 08-02-2011, 12:19   #1
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Default More tax breaks for big business...

http://www.guardian.co.uk/commentisf...ist-of-century
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Old 08-02-2011, 12:21   #2
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Almost all the members of the seven committees the government set up "to provide strategic oversight of the development of corporate tax policy" are corporate executives. Among them are representatives of Vodafone, Tesco, BP, British American Tobacco and several of the major banks: HSBC, Santander, Standard Chartered, Citigroup, Schroders, RBS and Barclays.
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Old 08-02-2011, 12:26   #3
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All while we are being told to tighten our belts because of the recession...

I wonder why this hasn't made it to the BBC News website?
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Old 08-02-2011, 12:27   #4
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If these proposals go ahead, the UK will be only the second country in the world to allow money that has passed through tax havens to remain untaxed when it gets here. The other is Switzerland. The exemption applies solely to "large and medium companies": it is not available for smaller firms. The government says it expects "large financial services companies to make the greatest use of the exemption regime". The main beneficiaries, in other words, will be the banks.

But that's not the end of it. While big business will be exempt from tax on its foreign branch earnings, it will, amazingly, still be able to claim the expense of funding its foreign branches against tax it pays in the UK. No other country does this. The new measures will, as we already know, accompany a rapid reduction in the official rate of corporation tax: from 28% to 24% by 2014. This, a Treasury minister has boasted, will be the lowest rate "of any major western economy". By the time this government is done, we'll be lucky if the banks and corporations pay anything at all. In the Sunday Telegraph, David Cameron said: "What I want is tax revenue from the banks into the exchequer, so we can help rebuild this economy." He's doing just the opposite.

These measures will drain not only wealth but also jobs from the UK. The new legislation will create a powerful incentive to shift business out of this country and into nations with lower corporate tax rates. Any UK business that doesn't outsource its staff or funnel its earnings through a tax haven will find itself with an extra competitive disadvantage. The new rules also threaten to degrade the tax base everywhere, as companies with headquarters in other countries will demand similar measures from their own governments.
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Old 08-02-2011, 12:50   #5
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It is fucking scandalous. People in the UK are asleep, until another new Plasma TV comes along.
I'm glad I'm moving to Africa, it's corrupt here, but at least you can see it for what it is. These fuckers are even worse than African dictators.
My ex's father always used to say " the real criminals, Major, are at the stock exchange, wall street, the banks and Government, never mind who the media tell you are criminals".
He was fucking bob-on with that one.

Last edited by Major De'Ath; 08-02-2011 at 12:52.
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Old 08-02-2011, 13:18   #6
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Down with corporatocracy, we need a movement that weakens big business and educates the public.
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Old 08-02-2011, 13:21   #7
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Down with corporatocracy, we need a movement that weakens big business and educates the public.
Shut the fuck up, stop talking about it and do something then.
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Old 08-02-2011, 13:22   #8
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I AM SCARED WHAT I COULD UNLEASH
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Old 08-02-2011, 16:21   #9
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YOUR COCK
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Old 08-02-2011, 16:21   #10
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It is fucking scandalous. People in the UK are asleep, until another new Plasma TV comes along.
Yep, so quite nice to see that this story is getting "viral"
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