The UK is not unique from loosing out to business which make money from trading in the country but maintain inventive corporate tax structures to pretend that they have no or little revenue and divert their profits off shore or to a low tax country.
The UK has flagged its intention to cut down on this practice by employing a new tax law related to what they will call "Diverted Profits". For more information on this "Google Tax" (I wonder why!) - see this article:
'Google Tax' introduction confirmed (http://www.bbc.co.uk/news/business-31942639)
Under the new tax regime, companies with an annual turnover of £10m will have to tell HM Revenue & Customs (HMRC) if they think their company structure could make them liable for diverted profit tax.
Once HMRC (the Tax Office) has assessed the structures, and decided how much profit has been artificially diverted from the UK, multinationals will have only 30 days to object to the 25% tax.
The rate of 25% is above the new rate of proposed Corporation Tax of 20%.
Anyone have different approaches in their country?
The UK is not unique from loosing out to business which make money from trading in the country but maintain inventive corporate tax structures to pretend that they have no or little revenue and divert their profits off shore or to a low tax country.
Indeed it isn't. The following is from the New York Times mid-2013.
Apple Operations International has not filed a tax return in Ireland, the United States or any other country over the last five years. It had income of $30 billion between 2009 and 2012. By shuttling revenue between international subsidiaries, Apple was able largely to sidestep paying taxes, Congressional investigators said.
In the prepared testimony, Apple executives disputed the characterization of Apple Operations International. “A.O.I. performs important business functions that facilitate and enhance Apple’s success in international markets,” the testimony states. “It is not a shell company.”
The Senate investigators also found evidence that the company turned over substantially less money to the government than its public filings indicated.
While the company cited an effective rate of 24 to 32 percent in its disclosures, its effective tax rate was 20.1 percent, based on the committee’s findings. And for a company of Apple’s size, the resulting difference was substantial — more than $8 billion in 2009, 2010 and 2011.
We might label this one
Crooks in Suits
The UK action is not limited to companies by the way. They are after individuals as well, those who have off shore accounts and those who "country-hop", staying in a country for less than 3 months at a time in order not to join the local tax club.
The UK action is not limited to companies by the way. They are after individuals as well, those who have off shore accounts and those who "country-hop", staying in a country for less than 3 months at a time in order not to join the local tax club.
(https://www.smileyfaze.tk/slides/imthinkin6.gif) (https://www.smileyfaze.tk/slides/nocomment0.gif) (https://www.smileyfaze.tk/slides/sprint.gif)
Wise not to comment as your country is run by greedy corporates. And unlike your hellhole for the tens of millions of poor and taxpayers over here the 1% cover at least 25% of our tax bill.........
News from abroad.
The number of billionaires living in the UK has risen to more than 100 for the first time, according to the 2014 Sunday Times Rich List.
There are now 104 billionaires based in the UK with a combined wealth of more than £301bn, the list says.
That means the UK has more billionaires per head of population than any other country.
Shortly after the United Kingdom’s latest big tax hike, Great Britain’s millionaires started voting with their feet. And the result hasn’t been pretty for the British treasury.
Raising the country’s top income tax rate to 50 percent has cost the UK 7 billion pounds — about $11.2 billion — since 2010, according to London’s Daily Telegraph newspaper, as wealthy taxpayers have intentionally worked less, deferred income to future years, moved their earnings overseas or left the country entirely.
You can't trust millionaires no matter where they live.
You still do a dance off regarding your topsters. I wonder if their percentages up in the US 1% contribute a ratio like ours do. If not why not??
over here the 1% cover at least 25% of our tax bill
Well, in 2010
our top 1% only covered 37.38%… So, I guess you got me again! Wait!? What? :)
News from abroad.
The number of billionaires living in the UK has risen to more than 100 for the first time, according to the 2014 Sunday Times Rich List.
There are now 104 billionaires based in the UK with a combined wealth of more than £301bn, the list says.
That means the UK has more billionaires per head of population than any other country.
Shortly after the United Kingdom’s latest big tax hike, Great Britain’s millionaires started voting with their feet. And the result hasn’t been pretty for the British treasury.
Raising the country’s top income tax rate to 50 percent has cost the UK 7 billion pounds — about $11.2 billion — since 2010, according to London’s Daily Telegraph newspaper, as wealthy taxpayers have intentionally worked less, deferred income to future years, moved their earnings overseas or left the country entirely.
You can't trust millionaires no matter where they live.
Vlad is a millionaire and we trust him.
Vlad is a millionaire and we trust him.
:o
(https://dndsanctuary.eu/imagecache.php?image=http%3A%2F%2Fstatic1.squarespace.com%2Fstatic%2F524dc5c5e4b09484086fc271%2F5331aa4fe4b03ea35b271a32%2F5331aa4fe4b03ea35b271a33%2F1395763810684%2F2.%2BTaking%2BBack.jpg&hash=1ff455972bbaa210638513287b8317b1" rel="cached" data-hash="1ff455972bbaa210638513287b8317b1" data-warn="External image, click here to view original" data-url="http://static1.squarespace.com/static/524dc5c5e4b09484086fc271/5331aa4fe4b03ea35b271a32/5331aa4fe4b03ea35b271a33/1395763810684/2.+Taking+Back.jpg)
:faint:
Under the new tax regime, companies with an annual turnover of £10m will have to tell HM Revenue & Customs (HMRC) if they think their company structure could make them liable for diverted profit tax.Once HMRC (the Tax Office) has assessed the structures, and decided how much profit has been artificially diverted from the UK, multinationals will have only 30 days to object to the 25% tax.
The rate of 25% is above the new rate of proposed Corporation Tax of 20%.
The government is the friggin' dragon!!!!!eleventyone!
Otherwise, let's see if this is actually going anywhere.
Kind of paranoia there jimbro considering you live in a country that has taken so many countries either by boots or financially. Kind of shows a surprising mania from an educated ex-colonist. ???