George Osborne to run after huge companies for tax avoidance

George Osborne, referring to huge companies said: 'We’ve got to make sure they pay their fair share of taxes.'

11:30 04 December 2012

As Britain is being robbed £32billion tax by corporate giants and the rich, Chancellor George Osborne tries to get on the front foot to make sure that these companies pay their fair share of taxes.

 

MPs have urged the ministers to ‘get a grip’ on immoral tactics that corporate giants are using to avoid paying taxes, which has resulted to an astonishing £32billion tax shortfall.  

 

In a shocking report, it was revealed that several multinational businesses, which includes household names like Amazon, Google, and Starbucks, have not paid the right taxes by taking advantage of tax loopholes.

 

Starbucks, the coffee giant, have angered the public when it was revealed that it paid no UK corporate tax in the last three years.

 

On the other hand, Amazon, which earned £74million profit last year, only paid £1.8million in taxes.

 

This is just 2.6per cent of their earnings.

 

Chancellor George Osborne said: "I completely understand people’s anger when they see companies – I’m not going to name specific companies – but when they see companies apparently not paying their fair share of taxes. We’ve got to make sure they pay their fair share of taxes."