Community Attitudes towards tax avoidance
Community attitudes towards tax avoidance vary from approval through neutrality to outright hostility. Attitudes may vary depending on the steps taken in the avoidance scheme, or the perceived unfairness of the tax being avoided. Tax avoidance by corporations in the UK came to national attention in 2012, when MPs singled out Google, Amazon.com and Starbucks for criticism for diverting hundreds of millions of pounds in UK profits to secretive tax havens.
There was such widespread outrage across the UK that the products by Google, Amazon.com and Starbucks were boycotted. As a result, Starbucks agreed to restructure their tax affairs so they paid the standard amount of UK tax in future. The Fair Tax Mark was established in the UK during 2014 as an independent certification scheme to identify companies which pay taxes in accordance with the spirit of all tax laws (and who do not use options, allowances, or reliefs, or undertake specific transactions that are contrary to the spirit of the law).
Similar posts you may like
- Putting Lipstick on the Pig
Talk to anyone in the accounting industry and it’s very apparent that compliance fees are falling (and will continue to fall year on year). Read more
- A short history of the banknote
The banknote, bill or ‘paper money’ is a piece of paper created by a licensed authority such as a bank and used for the Read more
- What can business owners learn from Olympians?
Succeeding in business and becoming an Olympian have a lot more in common than you might think. Here are the traits needed to become Read more
- Tax Planning Strategy 158 | Low Income Superannuation Tax Offset
The Low-Income Superannuation Tax Offset ((LISTO) allows individuals with an adjusted taxable income of $37,000 or less to receive an effective refund of the Read more
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2