cruise4
18-03-2009, 05:09 AM
The Chancellor will publish proposals with his Budget on 22 April for a voluntary code to ensure the banks obey "the spirit and letter of the law" on taxation. If they do not comply, he will enshrine the code in law. It is claimed that the state-controlled Royal Bank of Scotland tied up £25bn in tax-avoidance schemes while it was expanding, costing the British and US taxpayers more than £500m in lost revenue.
RBS has 238 offshore companies and the Lloyds Banking Group, in which the Government also has a majority stake, has more than than 125. The two banks have insisted they do comply with the law. The code will apply to all banks, including those in the private-sector.
Unlike tax evasion, tax avoidance is not illegal, but HM Revenue & Customs has clawed back billions by closing tax loopholes exploited by advisers acting for companies and individuals. Mr Darling now wants to extend the crackdown to banks. "We expect banks to fully comply with their tax obligations," he said.
The Government may face criticism for not opting for a statutory code but Treasury sources insisted that the voluntary approach would be tightened if it did not work.
Vince Cable, the Liberal Democrats' Treasury spokesman, welcomed the proposal but said the Government should immediately stop the banks in which it has a stake from avoiding taxes. He said: "The Government has had 12 years to identify problems in this area, especially as many of the tax havens are in British-dependent territories, so why hasn't it moved earlier?"
Continues:
http://www.independent.co.uk/news/uk/politics/voluntary-code-to-make-banks-pay-taxes-could-be-made-law-1646519.html
So who supports this? My position is it's transparent 'banks aren't the problem' propoganda... Problem Reaction Solution.
RBS has 238 offshore companies and the Lloyds Banking Group, in which the Government also has a majority stake, has more than than 125. The two banks have insisted they do comply with the law. The code will apply to all banks, including those in the private-sector.
Unlike tax evasion, tax avoidance is not illegal, but HM Revenue & Customs has clawed back billions by closing tax loopholes exploited by advisers acting for companies and individuals. Mr Darling now wants to extend the crackdown to banks. "We expect banks to fully comply with their tax obligations," he said.
The Government may face criticism for not opting for a statutory code but Treasury sources insisted that the voluntary approach would be tightened if it did not work.
Vince Cable, the Liberal Democrats' Treasury spokesman, welcomed the proposal but said the Government should immediately stop the banks in which it has a stake from avoiding taxes. He said: "The Government has had 12 years to identify problems in this area, especially as many of the tax havens are in British-dependent territories, so why hasn't it moved earlier?"
Continues:
http://www.independent.co.uk/news/uk/politics/voluntary-code-to-make-banks-pay-taxes-could-be-made-law-1646519.html
So who supports this? My position is it's transparent 'banks aren't the problem' propoganda... Problem Reaction Solution.