UK’s Cameron vows to hunt tax dodgers

Cameron will say in his role as president in the G8 Summit that the world’s powerful leaders must increase their efforts to stop multinational firms such as Starbucks, Amazon and Google avoiding large tax bills.

Cameron is expected to argue that the G8 must join forces to “tackle tax evasion and aggressive avoidance”.

The UK Prime Minister vowed to make “damn sure” that multinational companies paid their fair share of tax on their UK operations.

Meanwhile, HM Revenue & Customs has been accused of being “too lenient” towards large businesses that indulge in aggressive tax planning.

The UK Prime Minister states that a crackdown on the business giants can only be successful if countries around the world act together to deal with the abuses.

Recently, it was emerged that internet search giant Google has avoided to pay £10 billion of tax in the UK last year by doubling the amount of money put into a company in Bermuda.

Google’s decision to move almost 80 percent of its pre-tax profits into a shell company in Bermuda, which is not subject to corporation tax on the self governing British colony, saw the internet search giant slash its overall tax rate nearly in half.

BGH/SSM/HE

Source Article from http://www.presstv.ir/detail/2013/01/05/281999/uks-cameron-vows-to-hunt-tax-dodgers/

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