Arab Today, arab today britain to unveil plans to target taxdodgers
Last Updated : GMT 13:54:00
Arab Today, arab today
Arab Today, arab today

Britain to unveil plans to target tax-dodgers

Arab Today, arab today

Arab Today, arab today Britain to unveil plans to target tax-dodgers

London - AFP

British finance minister George Osborne was on Monday to announce a £154 million crackdown on tax avoidance and evasion as public anger rises over the tax arrangements of big-name multinational firms. The money, equivalent to $246.5 million or 190 million euros, will be used to establish a team of investigators to target high-earning individuals and companies who aggressively shield their earnings from the British government. The announcement will come a day after global coffee giant Starbucks said it was reviewing its tax affairs in Britain after it took a roasting from lawmakers and campaigners who accuse the chain of paying too little. The Seattle-based firm admitted that \"we need to do more\" although it would not confirm a report in Britain\'s Sunday Times newspaper that it will promise this week to increase the amount of corporation tax it pays. Under Osborne\'s plans, extra staff will enable authorities to expedite challenges against multinationals\' transfer pricing arrangements to stop them shifting profits out of Britain. A new HM Revenue and Customs \"centre of excellence\" will be also be created to train staff on tackling offshore evasion and avoidance. It is hoped that the funding, which will be spread over two years, will result in a £2 billion boost to tax coffers. \"The government is clear that while most taxpayers are doing their bit to help us balance the books, it is unacceptable for a minority to avoid paying their fair share, sometimes by breaking the law,\" said Osborne. \"We are determined to tackle this problem and HMRC are making good progress, but we are giving them additional tools to bring in more.\" The minister is due to reveal further measures in Wednesday\'s Autumn Statement, which is also expected to include details of a general anti-abuse rule to be introduced next year. Starbucks had previously confirmed that it did not pay any corporation taxes in Britain for the past three years on sales worth £400 million. It was able to do so by paying fees to other areas of its business -- such as \"royalty payments\" for the use of the brand -- which resulted in the company posting a series of losses and not having to pay any corporation tax. The Sunday Times said that since coming to Britain in 1998 the chain has paid just £8.6 million in corporation tax despite generating £3 billion in revenue. The Public Accounts Committee -- a panel of British lawmakers -- is due to release a report this week which is expected to criticise the measures used by corporations to avoid paying tax as the rest of the country grapples with tough austerity measures. The committee quizzed senior figures from Starbucks, US online retailer Amazon and Internet search giant Google. During the hearing Margaret Hodge, a Labour party lawmaker who chairs the committee, said Starbucks\' claim that its British division was unprofitable \"just doesn\'t ring true\". Starbucks has faced calls by activist groups for a consumer boycott in recent weeks.

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Arab Today, arab today britain to unveil plans to target taxdodgers Arab Today, arab today britain to unveil plans to target taxdodgers

 



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