MPs look at regulating tax avoidance schemes!
The government has been urged to regulate the activities of accounting firms in a House of Commons motion accusing firms of devising ‘aggressive’ tax avoidance schemes that cost the Treasury billions of pounds in revenues. A number of MPs have signed this motion. Additionally, some MPs have signed a motion accusing banks of using havens to avoid tax.
In reality, these motions have no chance of being debated. They do, however, reflect growing concern among MPs about tax avoidance.
The MPs claim that tax avoidance schemes deprive the Treasury of billions of pounds of tax revenues, which in turn forces the government to curtail social investment and shift the tax burden on to ordinary taxpayers.
It is a difficult area. A significant number of large companies have moved their Head Office outside the UK to reduce the impact of taxation. Should the UK encourage lower taxes or seek to “squeeze”?
Date: 26th February, 2009
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