Submitted on Tuesday 19th June 2018
Published on Monday 30th July 2018
Current status: Closed
Closed: Wednesday 30th January 2019
Signatures: 12
Stop Water companies from draining UK taxable profits by ‘Earnings Stripping’
Utilities companies’ taxable profits are being drained by large foreign-owned multinationals. The profits subsidise their global monopolization and enrich the 1% high wealth investors. Government’s tax revenue destined for health and welfare is being permanently lost.
Multinationals reduce their taxable profits by deducting interest payments on loans held by another subsidiary located in a low tax jurisdiction.
The Government should change tax regulation to prevent this and should:
-disallow for tax purposes the company’s interest expense on non-infrastructure borrowings and cap annual deduction to 1% of turnover;
-disallow all non-UK intragroup recharges from subsidiaries/related parties above 5% of turnover.
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