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George Osborne Autumn Statement to unveil £154m onslaught on tax dodgers

Written on:December 3, 2023
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George Osborne’s Autumn Statement will come after Starbucks, Amazon and Google were accused of dodging tax payments.

Chancellor George Osborne’s Autumn Statement will divulge a £154m onslaught on tax dodgers. His statement is expected to strike the wealthy companies and individuals, who have been desisting from paying tax, thereby harming the national economy.

George Osborne’s statement on December 5 to the Parliament is likely to confirm that pivotal deficit reduction goals haven’t been achieved. Also, the statement is to signal that initiatives are being finalised to curb the country’s welfare Bill.

His statement is also expected to proclaim that tax officials will be ordered to utilise £154m to recruit a squad of investigators to penalise high earners, who shun payment of taxes.

The money will fund extra staffers to accelerate their work, which confronts multinationals’ transfer pricing arrangements. These arrangements permit multinationals to exploit legal ambiguities to transfer profits out of the country.

George Osborne, meanwhile, has steadfastly asserted on the BBC’s Andrew Marr Show that to alter the path of Britain’s economic recovery from recession would be calamitous.

Meanwhile, the MPs on the Public Accounts Committee have disparaged Google, Starbucks and Amazon for their unconvincing and rather shifty evidence regarding why these companies shelled out such a meager corporation tax.

Margaret Hodge, chairperson of the Public Accounts Committee, has remarked that international companies, with massive UK operations, are getting away with paying a paltry tax or no tax at all. This is despite the fact that these international companies are earning huge.

This kind of tax evasion by Google, Starbucks and Amazon is an affront to British businesses and nationals, who pay their due taxes dutifully and lawfully, voiced Margaret Hodge.

The chairperson also remarked that corporation tax proceeds have dipped at a time when it is highly essential to attain just income from taxes so that the British economy is bolstered and the disadvantaged residents of the country are uplifted from economically feeble conditions.

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