Fair taxation of large businesses

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Fair taxation of large businesses

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Over the past three years, UK corporation tax has been reduced from 28% to 24%, and has fallen to 23% for 2013. This tax is only paid on profits, and its reduction is good news for businesses - yet some of the biggest still do not pay!

For example:

In 2010, eBay paid £1.2m tax on (estimated) profits of £181m - this is 0.6%, NOT 28%.

Amazon has estimated profits of £266m to 360m, which would yield approximately £60m to £90m in taxes. The company paid nothing, NOT (on average) 26%.

Starbucks has paid just £8.6m over 14 years, on sales of over £3bn. Smaller companies that compete with this giant pay taxes on their profits, this is unfair.

We are asking the government to tax large corporations fairly - this means paying taxes at UK rates on ALL profits derived from UK sales. If the government is forced to make spending cuts, whilst permitting tax avoidance by the largest companies, it begs to question of where do the government's loyalties lie?

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