Eliminate Tax Avoidance - Introduce 2% Minimum Corporation Tax based on Turnover
As an example, eBay’s total UK revenue last year was c£1bn and £1.6m in corporation tax was paid. This petition would see eBay pay a minimum £20m (12.5 times more). All companies regardless of size would be forced to pay their fair share of tax including Apple, Amazon, Google and Starbucks.
It is reasonable to expect that all companies who wish to participate in the UK economy should be treated equally and the minimum corporation tax rate on turnover should be the price they pay.
The minimum corporation tax could be collected in advance at the point of sales and/or assessed annually based on reported turnover.
Incidentally, FTSE 100 companies, on average, have seen their corporation tax expense to turnover go from 4% to 1% over the last 5 years.
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