Add paragraph on proposed remedies to tax avoidance and evasion.

Proposer
timcowlishaw
State

Accepted

Vote Score

3

Age

2565 days


timcowlishaw

@timcowlishaw - about 7 years ago

Given that there is a current tax gap (between tax due and tax recieved by the exchequer) of £120 billion, we propose the introduction of country-by-country reporting and a general anti-avoidance principle, in order to ensure that everyone living or doing business in the UK pays all the tax they owe.

@timcowlishaw edited economy.md - about 7 years ago

Business

Personal income tax is calculated on income generated prior to expenses being deducted. But in business, corporation tax is calculated on any profit generated after expenses have been deducted from income. It is proposed that a study is conducted into the feasability and fairness of calculating them both in the same way: either personal income tax being revised and only calculated after household costs have been deducted (ie taxing household surplus or amount put into savings rather than income), or corporation tax being calculated on the basis of revenue alone.

Personal income tax is calculated on income generated prior to expenses being deducted. But in business, corporation tax is calculated on any profit generated after expenses have been deducted from income. It is proposed that a study is conducted into the feasability and fairness of calculating them both in the same way: either personal income tax being revised and only calculated after household costs have been deducted (ie taxing household surplus or amount put into savings rather than income), or corporation tax being calculated on the basis of revenue alone.

Given that there is a current tax gap (between tax due and tax recieved by the exchequer) of £120 billion, we propose the introduction of country-by-country reporting and a general anti-avoidance principle, in order to ensure that everyone living or doing business in the UK pays all the tax they owe.

PaulJRobinson

@PaulJRobinson - about 7 years ago

👍

with kind regards, Paul Robinson

about.me/pauljrobinson

On 11 January 2014 16:42, Steve Pike [email protected] wrote:

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