Livid politicians are no match for tax loopholes
Published 14/11/2012 | 08:00
While our politicians and business leaders continue to lobby for the ability to lower corporation tax here, it seems some multinational companies have managed to do so through clever accounting.
Google, Starbucks et al have been dragged over the coals by the parliamentary select committee over the past few days.
Financial directors from each of the organisations charged with avoiding paying much, or in some case any, UK corporation tax on their operations based here took a barrage of abuse from livid politicians.
However, it was of little use as these companies have merely utilised loopholes in the tax system rather than committed a crime. Until the law is changed these "clever" firms will continue to operate on a completely different playing field.