News: 15th November 2013

'Systematic abuse' of tax system could lead to changes

'Systematic abuse' of tax system could lead to changes

Business Secretary Vince Cable says he expects the Autumn Statement to feature action against tax avoidance after criticising multinational firms for "systematic abuse" of the system.

The minister said that British businesses are angry about the way other firms are not paying their fair share, following criticism of Amazon, Google and Starbucks - who were questioned by MPs earlier this week about the amount of Corporation Tax they pay in Britain.

While Dr Cable's comments are targeted at larger enterprises, Chancellor of the Exchequer George Osborne's Autumn Statement - to be made on December 5th - could also look at small businesses as HM Revenue & Customs (HMRC) continues its crackdown on tax avoidance.

Dr Cable said yesterday (November 15th): "Some of them seem to be avoiding tax systematically and this is deeply angering tens of thousands of British companies who do pay their tax properly, so, yes we've got to get to grips with it."

It comes after HMRC launched a new tax avoidance and evasion campaign earlier this week.

Posted by Thomas Fletcher



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