This MUST READ article is currently top of the FT’s most-read list. Check it out!
‘Dutch sandwich’ grows as Google shifts €8.8bn to Bermuda – FT.com.
The article highlights how Google has moved billions of Dollars of royalties to reduce payment of taxes.
With many people still feeling the pain of excessive austerity, and much more pain likely from the global fallout from the US debt crisis, why is it that big corporations can effectively avoid tax? Are the Republicans protecting the likes of Google and other big companies?
Reblogged this on Dr Alf's Blog and commented:
Looking back, this is worth a read. It’s one of my most popular blogs.
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Dr Alf wonders why Google can keep evading tax along with other multinationals and whether the Republicans are helping them.
The truth is, now that he is back from his travels across Cyprus, he should look a lot closer to home to George Osborne and David Cameron who talk tough on taxes for public consumption but then give a nod and a wink to tax evasion by their own suppliers such as State Street who are going to manage Auto Enrolled Pensions and people like BT.
Both these companies have offices within the Dublin Financial District where I was in the Summer and are effectively paying the Irish Government 3% Corporation Tax.
Private Eye goes into more detail but there is a revolving door between Big 4 Accountancy Partners, the Treasury and the finance functions of large multinationals.
Essentially the rich and very powerful pay no tax or very little and multinationals are the same.
Currently Eon and Vodaphone have paid no Corporation tax for a decade and the privatized Royal Mail will be the same.
The Pension liabilities of the Royal Mail will be landed on the taxpayer whereas the Postal Unions should have been surcharged for the actions of their members who brought this upon us all by encouraging strike action by their members that has damaged the public and businesses.
Even under Miliband, I can see no change with the only quid-pro-quo being job creation