The Government is losing more than £1 in every £10 it tries to collect from companies to tax evasion and avoidance, official figures have revealed.
It is easy to imagine Newsnight wishing to redeem its pride, built up from an impressive record of investigative journalism – phone-hacking allegations at the Sunday Mirror; dodgy metal hip replacements; Whitehall officials in tax avoidance deals; to name only a few – all of which would have been scrutinised in the referral process.
[Page C16.] Company Teaches Tax Avoidance Treasury officials say that abusive corporate tax shelters are the government's biggest tax enforcement problem, costing billions of dollars annually.
It is unconscionable that some companies, often supported by dishonest officials, use unethical tax avoidance, transfer pricing and anonymous company ownership to maximise profits, while millions of Africans go without adequate nutrition, health and education, the panel added.
Under a new "tougher" regime to curb multinational tax avoidance, Treasury officials are proposing an initial fine of £300 for late corporation tax records, followed by £60 for each additional day they are late.
If ranchers sign a cooperative agreement with state wildlife officials to practice "conflict avoidance" they can receive radio collar alerts when wolves are near livestock.
One revelation in the budget small print is the official Revenue & Customs estimate that tax avoidance has reached £41bn - even more than the TUC's estimate of a missing £25bn.
Buoyed by the prospect of a business-friendly tax overhaul, however, the Business Roundtable and other high-powered corporate lobbyists are using tax reform negotiations to push for more offshore tax breaks and official federal forgiveness for tax avoidance schemes.
"It is unconscionable that some companies, often supported by dishonest officials, are using unethical tax avoidance, transfer pricing and anonymous company ownership to maximize their profits, while millions of Africans go without adequate nutrition, health and education".
Now the official line is one of studied avoidance.
