What is the right amount of tax?
The current media activity on "abusive tax avoidance" seems to imply that minimising tax bills is almost criminal.
Actually, tax avoidance is legal. Looking at matters practically, should a company director not take all legal steps to minimise his company’s tax liabilities?
I accept that the Treasury is in desperate need of funds and this must be shaping the debate. However, the right amount of tax is that due in accordance with laws made by Parliament. If unintended gaps and loopholes appear, then the law should be amended to correct the situation. To suggest that taxpayers should be guilted into paying more tax than is legally due is, in my opinion, nonsense.
Date: 27th March, 2012
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