Submitted on Tuesday 19th June 2018
Published on Monday 25th June 2018
Current status: Closed
Closed: Tuesday 25th December 2018
Signatures: 13
Tagged with
5 years ~ Economy ~ Tax ~ UK ~ UK economy
Cap Tax Avoidance - Introduce 1% Minimum Corporation Tax based on Turnover
It is not unreasonable to expect that all companies who wish to participate in the UK economy should be treated fairly and equally under the tax legislation. The minimum corporation tax rate based on turnover should be the mechanism to ensure that this happens.
The minimum corporation tax can be collected in advance at the point of sales and/or assessed annually based on reported turnover. The new tax could easily be extended in the future to include all cypto-currency transactions to ensure the tax compliance.
On average, the FTSE 100 companies’ corporation tax expense to turnover has gone from 4% to 1% over the last 5 years and companies like eBay pay even less with 0.2% of their turnover going to the UK Tax-man!
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