MercoPress. South Atlantic News Agency
PM Cameron warns 10 Overseas Territories on tax issues: ‘get your house in order’
Prime Minister David Cameron has urged British overseas territories to “get their house in order” and sign up to international treaties on tax. He wrote to 10 territories and crown dependencies, including the Cayman Islands and the Isle of Man, which operate low-tax regimes. Read full article
Comments
Disclaimer & comment rulesSo Camoron in another article claim to be proud to be the PM of the tax low corporation tax (20%)
May 22nd, 2013 - 04:36 am - Link - Report abuse 0But press others to put their house in order. And the self-Determination?
CaMoron not only idiot also hypocrite.
This can't be right. Supposedly these are colonies and don't control their own government according to people such as Dany and Think.
May 22nd, 2013 - 05:11 am - Link - Report abuse 0Couldn't the UK government just unilaterally raise the tax rates and close the loopholes instantly?
Don't you just love it when reality collides with other people's bullshit and shows how bereft of substance their claims are.
(Oh cue Think and his rants about English blah blah blah.... *switch off).
@1 Dany
May 22nd, 2013 - 05:11 am - Link - Report abuse 0You misrepresent the truth AGAIN.
As the article said,
”Tax avoidance, where companies operate within the rules to avoid paying taxes, and tax evasion, which is outside the law, have risen high on the political agenda in recent months.
The point being that low tax regimens are fine, as long as they are sustainable and not used to EVADE taxes.
MicroSoft is in USA Senate Investigation to explain how they legally exploited tax laws in Eire to stash away $40b tax-free.
These reforms are about keeping corporations honest and paying their proper share of taxes.
I suppose that's an unknown concept in Argentina, where corruption is seen as the norm. And you criticise us.
No wonder your society is in so much trouble.
@1 Whats wrong with that Dunny burger “Put simply, that means we need to know who really owns and controls each and every company,” he said. Why should large companys not pay the correct taxes, perhaps you should return to rgenweener and pay some to fatten up CFK's bank account. I bet you her bank accounts are not in rgenweener but in a BOT tax haven like the Cayman Islands don't you? Google's executive chairman Eric Schmidt defended the company's tax affairs. He said the search engine giant “has always aspired to do the right thing”, but added that “international tax law could almost certainly benefit from reform”. And I totally agree. “I respect your right to be lower tax jurisdictions... but lower taxes are only sustainable if what is owed is actually paid.” Can't see anywhere where he mentions ”self determination”
May 22nd, 2013 - 05:16 am - Link - Report abuse 0Oh! boys who the hell understand you?
May 22nd, 2013 - 08:35 am - Link - Report abuse 0If place A charge me more and place B charge me less the capitalist logic is to go to place B.
CaMoron claims to be proud to be the PM of the low corporation tax, so he is doing the same as the tax haven paradise.
Banks for example in UK have privileges and none knows what really goes on there. In fact the banks until know didn’t report the bad assets hold by them. A complete mystery.
So why is complaining?
Seems that UK politrillers only like free market when benefit them but complain when benefit others.
Well allow me to tell you guys how the world works...
If you cheat be prepared to accept that others will cheat too.
Cheating works fine while you are the only one cheating but you are setting a bad present and other will would like to cheat as well.
UK seems a middle age woman that doesn’t like competition from the young girls.
She cannot use mini skirt anymore and her neckline is not attractive anymore so she wants that the young girls start to use old lady clothing.
Well we all know that miniskirt and huge neckline attract our men attention I don’t like to forbid them and you guys?
So self determination to those young girls they are so attractive to me and for you guys?
“but lower taxes are only sustainable if what is owed is actually paid.”
May 22nd, 2013 - 08:46 am - Link - Report abuse 0But they are paying what the tax authorities have agreed with them.
This posturing by Cameron is like a burglar asking for the keys to the house. I bet all the ”holier than thou” on this issue would love to have the money whereby they could make use of a tax haven like the Cayman Islands.
Mr Cameron had better get the UK's finances in order, the National Debt is £5bn or so short of £1,200,000,000,000 as public spending continues to rise, and his only plan is to reduce the deficit, i.e. the rate at which the National Debt increases. He really should be looking at these places to see how they manage without such high level of public spending and debt, and copying them.
May 22nd, 2013 - 09:28 am - Link - Report abuse 0It takes a remarkable stupidity to talk about 'cuts' when he is actually increasing public spending every year, just not as fast as he would in his fantasies.
http://www.debtbombshell.com
Looks like too little, too late, from a leader with no real motivation to tackle the feral rich. But if I'm wrong and he really gets serious with the tax havens, then on this Cameron will have my support!
May 22nd, 2013 - 09:57 am - Link - Report abuse 0The trolls think they smell blood, and they are circling, even BK. If he were a UK resident, he would be happy that as a 'tax payer' the huge multi nationals were having to pay their share.
May 22nd, 2013 - 11:00 am - Link - Report abuse 0As it is, he just wants to see the UK criticised.
The UK is ultimately reducing the tax burden on its own citizens by ensuring that Multinationals actually pay their corporate taxes and at the same rate as each other.
The problem here is not that a country has low tax rates on companies based there, but that company's based in countries like Ireland such as Google that are making sales in the UK from offices in the UK are siphoning money through the UK offices and depositing them to accounts in Ireland rather than to UK based accounts. This then means that their books can be manipulated to show they made less profit in the UK than what they actually did make. And less profit means less tax that they have to pay.
May 22nd, 2013 - 11:38 am - Link - Report abuse 0So its about companies manipulating the system in order to pay less tax.
I own a company and i pay full taxes, but all i would need to do to avoid taxes, is simply register my company in Ireland and register the registered address to an address in Ireland (a lot of registered address are generic and companies not actually present there), whilst simply dissolving my UK registered company with companies house. The company will still exist and still operate in the UK but would be registered as an Irish company. Then i simply open an Irish Bank Account and siphon say 50% profit to said bank account, whilst the remaining 50% goes to UK bank account. That way i only have to pay the tax in the UK on the 50% in the Uk account.
Its wrong (hence why i do not do it), but its perfectly legal until they change the law. Best way would be to have any company wishing to operate in the UK to have a registered Head Office in the UK and to register as a UK company with a UK bank account and provide receipts for all transfers of funds to a foreign bank account. That way they can still purchase goods, services or supplies from abroad as they would have a receipt for said purchases, but they wouldn't be able to transfer money to foreign bank accounts owned by them as they would not have a receipt for such transaction other than bank statement etc. Therefore it would be easy to tell legitimate payments to foreign country from money simply being siphoned to a another account owned by them.
We have tolerated these places for years. The business of tax cheating they are in keeps their economies afloat. It's only now when we are spending badly more than we collect in taxes that the spotlight shines on them. Good old Margaret Hodge and her team. About time these places made an honest loving. Bad news is higher prices for everyone.
May 22nd, 2013 - 04:32 pm - Link - Report abuse 0Ireland is in a difficult situation - bailed out of bankruptcy by Eurozone, and recipient of a £7b loan from UK.
May 22nd, 2013 - 04:36 pm - Link - Report abuse 0I have sympathy for them - they did not choose to shaft investors, but put in place a state guarantee to provide protection.
However, although present actions are intended to improve their situation - it is to the detriment of those who provided assistance in their time of need.
Collaborative action is necessary to combat global companies intent on dodging, weaving, ducking and diving, in order to avoid tax obligations, and Ireland has agreed to co-operate in this endeavour.
http://www.guardian.co.uk/business/2010/nov/21/ireland-asks-70bn-eu-bailout
http://www.guardian.co.uk/business/2010/nov/21/ireland-asks-70bn-eu-bailout
http://www.guardian.co.uk/business/2010/nov/21/ireland-asks-70bn-eu-bailout
http://www.guardian.co.uk/business/2010/nov/21/ireland-asks-70bn-eu-bailout
@Troy Tempest
May 22nd, 2013 - 04:48 pm - Link - Report abuse 0UK is just broke and near passing by the point of not return from total chaos and collapse.
And you are happy because he lowered corporation tax to 20%.
Are you silly or what? I didn’t want to call you stupid this time because I ‘m trying to take care of my language in English.
Do you know mr. Stupid oops its is stronger than me...
@13 Dumb Dany
May 22nd, 2013 - 05:44 pm - Link - Report abuse 0So what do you and Kiss-off suggest, leave it as it is?
Win-win - lower Corporate taxes - better for corporations,
Close loop holes - All Corporations pay the lower amount, incl small businesses - good for Private Citizens and Government.
BTW, Cameron is NOT putting it in his personal vault.
She cannot use mini skirt anymore and her neckline is not attractive anymore so she wants that the young girls start to use old lady clothing.
May 22nd, 2013 - 10:12 pm - Link - Report abuse 0Compared to whose neckine? - http://en.wikipedia.org/wiki/File:Cristinakirchnermensaje2010.jpg
#9 Did you read my post? I said that I'd SUPPORT Cameron in this endeavor, if he really tackles the problem!
May 22nd, 2013 - 10:28 pm - Link - Report abuse 016BK
May 23rd, 2013 - 12:17 am - Link - Report abuse 0Nice comment BK, almost like
“Damning with faint praise ”
This kind of reform was needed - a brave initiative from a Conservative.
The US is pursuing it from their end too.
@13 Lower corporation tax encourages companies to to come to the UK and also helps existing companies. The result of which encourages growth in the economy which is exactly what it has done.
May 23rd, 2013 - 11:53 am - Link - Report abuse 0God you can be so stupid at time Danny, you clearly have no idea what your talking about!
Osbourne was right to lower corporation tax given that the economy was stagnating at the time and he had to do it in order to encourage growth! I think hes more qualified than you are when it comes to economics, because if it was you, then like CFK you would milk companies dry resulting in shrinking economy and companies pulling out of the country. Oh wait isn't that what a Brazilian company in Argentina did recently! You only have to walk down the main shopping street where all those major international retail companies USED to have shops to see they are all pulling out of Argentina!
@Teaboy2
May 24th, 2013 - 12:44 am - Link - Report abuse 0The only one that has no clue about what is talking about is you.
If UK charge less corporation why is complaining because other do the same?
And the growth of the UK economy by doing this it is just science fiction.
For example I produce in Brazil and UK provides me a way to pay less tax I open there just an office and set there my headquarters but I will continue producing in Brazil because it is where my market is.
It is what tax haven does just offices with thousand of companies that do not produce anything there.
So only few lawyers and accountants firms will make money from this.
Bla, bla, bla But Argentina economy grows and UK economy is flat dead and in the verge of financial collapse.
Ha ha Dany!!
May 24th, 2013 - 06:12 am - Link - Report abuse 0Anti-British enough???
Read the news, Mr. “European living in Argentina”, this tax reform initiative is all through the EU, USA, and UK !!!
You will say anything as a knee-jerk reaction against the Brits, whether its true or not.
You compromise your integrity and your intellectual honesty for the sake of your prejudices.
:-)
@Troy Tempest
May 24th, 2013 - 08:30 pm - Link - Report abuse 0The title of the articles says
“PM Cameron warns 10 Overseas Territories on tax issues: ‘get your house in order’”
While he feels proud to be the PM of the Low Corporation Tax.
And I far I know UK is planing to get out of the EU.
Pretty messy UK politicians thinking...
@21dany
May 24th, 2013 - 10:06 pm - Link - Report abuse 0“The title of the articles says
“PM Cameron warns 10 Overseas Territories on tax issues: ‘get your house in order’”
While he feels proud to be the PM of the Low Corporation Tax.”
The issue must be too comes for you to understand.
As stated above, this is a tax reform closing loopholes and resulting in more uniform taxation.
The educated reader, in fact ANY reader who reads the article, would see there is no contradiction.
Again, you either do not understand what you read, or you are will fully blind and intellectually dishonest.
Do you believe EVERYTHING “Kiss-off” tells you?
After all, you both seem to be economic geniuses.
:-)
@21 Your problem is that you don't have a clue. You are reading what you want to read rather than what is there. Here is the right way to read what Cameron has said. BOTs are self-governed. They are not governed by the UK that, broadly speaking, is responsible for defence, foreign relations and ensuring good governance. The UK does not “micro-manage” the internal domestic affairs of the BOTs. That would invalidate the concept of internal self-government. The UK is, after all, trying to guide these “territories” to full self-government and independence. As envisaged by the UN. The UK is, after all, at the forefront of those calling for the elimination or reduction of tax avaoidance. Argieland, of course, says little or nothing about this problem. It doesn't want to draw attention to itself. Someone might start asking questions, at an international level, about how her “personal fortune” had, by the end of 2009, increased by 572%. With another 4 years, it can be confidently stated that the “personal wealth” would have increased by a further 380%. Is she going for 1,000%? How much tax does “she” owe?
May 26th, 2013 - 12:53 pm - Link - Report abuse 0Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!