As corporations send billions to tax havens, who do you think will pay for Covid-19?

Rishi Sunak: it seems he expects the poor to pay for coronavirus while the rich send billions of pounds to tax havens.

The Conservative government has allowed the super-rich to squirrel billions of pounds away in tax havens, while whining that the UK will have to tighten its national belt if it is to pay for the coronavirus crisis.

Legislation from 2016 that was intended to stop £2.5 billion in taxation from being lost to tax havens is being deliberately ignored by the Tories, according to the Tax Justice Network.

This is cash that could be used to help pay for the cost of coping with Covid-19, but instead it seems the Tories want working people and the very poor to pay for it.

Who is better-equipped? The idle rich who won’t do anything with the money apart from keep it away from the national purse? Or the vulnerable poor who will be trodden into the dirt by the deprivation of even more of their vital income?

According to the Tax Justice Network:

The UK missed out on collecting £2.5 billion a year in corporate tax from multinational corporations due to the UK government failing to exercise a 2016 tax transparency law designed to prevent billions in corporate tax abuse.

Asked whether Chancellor Rishi Sunak plans to exercise powers under the Finance Act 2016 to make multinationals’ country by country reporting data public, the UK Treasury confirmed to Parliament this week that is has reversed its 2016 commitment to publishing the data at a national level, and is blocking the OECD from publishing the data at an international level.

Had the UK government exercised the powers afforded to it by the Finance Act 2016 to publish corporations’ country by country reporting data, the UK could have prevented at least £10 billion in corporate tax from being lost to tax havens since 2016, which could for example have offset the £6.6 billion the NHS is expected to receive in Covid-19 funding, and provided for additional investment in crucial equipment.

Source: UK u-turns on commitment to tax transparency, giving up £10 billion in corporate tax

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2 thoughts on “As corporations send billions to tax havens, who do you think will pay for Covid-19?

  1. Hecuba

    Fascist tories refused to enact the 2016 Finances Act so therefore they are guilty of crimes against the electorate. Why bother to pass laws when fascist tories decide to ignore them? Are the fascist tories above the law? Yes and yet at the same time fascist tories can find billions of pounds to waste on that vanity project HS2!!! The funds were also found to bail out the bankers but as usual helping impoverished women and men is not ‘fascist tory policy!’

  2. david

    how many of these ‘companies’ are also recipients of the BoE’s Corona virus Funding – suppose we’ll have to wait for the BoE to release the names

Comments are closed.