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Tories to legalise tax cheating
VODAFONE, THE company dealing in mobile phones and mobile internet, has mobile profits too. Revenue and Customs (HMRC) bosses recently decided to let the phone giant avoid paying up to £6 billion tax on profits made by a subsidiary based in a tax haven.
Last July, Tory treasury minister David Gauke appointed Vodafone's chief financial officer Andy Halford as a member of a boss-packed 'business forum on tax and competitiveness'. This forum has since produced a 'corporate tax roadmap' that gives Con-Dem legitimacy to Vodafone-style tax avoidance measures.
Under current law, profits from tax havens remain fully taxable in the UK unless HMRC chiefs smile on them. In future any income which is held in tax havens, specifically to avoid paying tax, will face a tax rate of just 8%.
Any worker earning a mere £7,500 a year could be paying twice as high a rate! So Vodafone's cheek will now benefit all other tax-cheating multinationals.
The Socialist supports all measures aimed at making big business pay its tax but a succession of pro-big business governments have made tax avoidance by multi-millionaire capitalists and their accountants easier and easier.
The best solution would be to take all these problems out of their hands. That is why socialists fight for these huge companies to be taken into public ownership with compensation only on the basis of proven need and run under democratic workers' control and management.
Kath White
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The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.
The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.
The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.
- The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
- When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our Fighting Fund.
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