To whoever may be interested, to all it concerns,
I’d like a rough figure on how much tax revenue the UK government, the American government etc lose out on due to offshore tax havens.
This is an issue I feel needs a global approach as one government cannot act alone as the companies and individuals involved will simply move their companies out of the country that tries to address the issue. It is a problem I feel which will only get worse if not addressed and the revenue that is lost is needed in order for the tax burden to be reduced on those that do not use offshore tax havens.
The individuals and companies that take advantage of these offshore tax havens do all benefit from the protection, security and infrastructure provided by large tax revenues paid by those who do not.
Business is an ever increasingly international affair and the taxation policies must change in order to keep up with this if humanity is to make progress.
My main concern is that large companies including banks are using offshore tax havens to reduce dramatically the amount of tax they pay, this I feel is the main problem with our economy, the government cannot threaten the companies to pay the appropriate amount of tax as they would just simply up and move country and as we wish to keep Britain a centre of international commerce I would not suggest that the government do this, however something must be done to introduce some form of a Global Taxation system otherwise the problem is only going to get worse, after all we are now a Global community, many companies are international and the tax laws must change in order to accomodate this.
I point you to the comic relief red nose desert challenge that Radio 1 which I love are covering at the moment, they have currently raised 184,000, and have a target of 500,000 by the end of the week, a sum which may be enough to pay two doctors salaries for a year, which is less than what most the DJ’s earn a year, which is less than what was probably spent on the bar at the Brits, less than one flight in a private jet, they insist on asking people to donate 1.00 via text, the profits from one bank could probably build an entire infrastructure for the whole of the African Continent including water, electricity and healthcare, I feel they are asking the wrong people for money.
Many people and small businesses for that matter are paying as much tax as they possibly can, it is large companies with offshore tax haven bank accounts that are making the vast profits with relatively little benefit to the Global community, I’m not suggesting they are doing this maliciously just because they can and their competitiors do it, so they must do it, some form of Global Taxation must be introduced as companies have become international so must the taxation system, without this desperately needed revenue humanity will not be able to take a step forward. Stability and Progress are essential.
Kind Regards
Sam Pye
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