The European Commission has announced plans to close a loophole which has allowed large corporations to pay tax in countries with lower rates, even if they only own one letterbox there....
...This can include multinationals parking profits in a country with a more favourable tax climate such as Luxembourg or The Netherlands, which can be done if there is merely one employee or a letterbox....
...This can include multinationals parking profits in a country with a more favourable tax climate such as Luxembourg or The Netherlands, which can be done if there is merely one employee or a letterbox....
...Such practices are legal, but have provoked public anger as ordinary people see their tax bills rise and their quality of life fall. Apple came under fire in May when it emerged they had paid just 2 per cent tax on $74 billion £62 billion) of earnings over four years using loopholes in Ireland....
Let's put it this way, it isn't illegal, but it sure as heck is illegitimate and unethical. It tarnishes corporate images and allows the citizen, WHOM IS THEIR CUSTOMER, to be victimized and deprived of income that could be spent into the economy. The greater the burden on one class of people, the worse the economy gets. That should be a guiding principle for corporations and they should act to participate in paying taxes to keep their businesses viable through increased consumer demands.
Avoiding taxes is a CEO bonus in the making, but, good corporate governance means increased profits. The shareholders should realize 'the cheap tricks' aren't worthy of bonuses.
Let's put it this way, it isn't illegal, but it sure as heck is illegitimate and unethical. It tarnishes corporate images and allows the citizen, WHOM IS THEIR CUSTOMER, to be victimized and deprived of income that could be spent into the economy. The greater the burden on one class of people, the worse the economy gets. That should be a guiding principle for corporations and they should act to participate in paying taxes to keep their businesses viable through increased consumer demands.
Avoiding taxes is a CEO bonus in the making, but, good corporate governance means increased profits. The shareholders should realize 'the cheap tricks' aren't worthy of bonuses.
