Thursday, January 28, 2016

3% tax rate? Google accused of playing UK taxpayers for ‘fools’

MPs have launched an inquiry into Britain’s tax arrangements amid allegations that governments have allowed Google to miniscule amounts of corporation tax since 1996. Critics say the internet giant has taken Britons for fools and sullied the name of capitalism in the process.

In the face of mounting criticism over Google’s tax payments in Britain, the House of Commons Treasury Select Committee has confirmed it will examine whether the state’s tax laws require reform.

Although the inquiry is not focused directly on Google, it will investigate Britain’s waning corporate tax base and whether the UK’s tax regulator HMRC is doing enough to clamp down on tax avoidance.

The probe will also seek to uncover whether Britain’s tax regulations are robust enough to cope with an increasingly mezzanine global economy. Full story...

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