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A short technical analysis of Tax avoidance,
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This review is from: The Great Tax Robbery: How Britain Became a Tax Haven for Fat Cats and Big Business (Paperback)
This book is a relatively short summary of how big business and very rich individuals can use tax avoidance to minimise their tax bills. This involves overseas jurisdictions, offshore comapnies and imaginative accounting which saddles all the profit in low tax areas and all the costs and losses in high tax areas. I didn't know that Johny Walker Whiskey was a Dutch company for tax purposes. The Scottish operation pays the Dutch Holding Company a fortune for advice, patents and technical support -- this is recorded in the accounts of the Scottish company and set off against UK tax whilst the Dutch holding company receives all the reevnues and guesss what? It only pays less than 10% in tax.
It is a shame that these tax avoidance specialists don't put half of their brain power into solving the world's busines problems rather than avoiding tax -perhaps everyone would be in a better place if they did.
The benfiy scroungers are pilloried in public but those who set up transactions purely to avoid paying tax are heralded as some kind of heroes. Technically these moves are not illegal in many cases but actually the aim of a long list of transactions is purely to avoid tax and not to create any commercial value at all.
All very disappointing and also this does not benefit our economy only the very riches people and companies are better off. Those who can afford the tax advice.