Submitted on Tuesday 21st May 2013
Published on Wednesday 22nd May 2013
Current status: Closed
Closed: Friday 22nd November 2013
Signatures: 3
"Destination-based" Corporation Tax
Corporation Tax is currently calculated based upon the country of residence of a particular company.
This allows multinationals to move their profits around from country to country and avoid paying millions and even billions of pounds/dollars in corporation tax.
Recent cases such as Google and Amazon that have come before the public accounts select committee have highlighted the issues that governments face (sales in the UK being "finalised" in Ireland and so on). If corporation tax was calculated based upon the destination of the transaction this would solve this issue; anything sold to UK customers would be subject to UK corporation tax.
The world is an increasingly global marketplace, and anything short of a scheme such as the above will allow multinational companies to continue to shift money around and avoid paying what is due to the countries where these gigantic profits are made.
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