The UK Government has been called on to take urgent action after MPs
accused one of the UK's largest accountancy firms of promoting "tax
avoidance on an industrial scale" to several multinational companies.
In a damning report, the Commons' influential Public Accounts
Committee censuredPriceWaterhouseCoopers(PwC), whose promotion of tax arrangements, it said, "based on artificially diverting profits to Luxembourg through intra-company loans, bear all the characteristics of a mass-marketed tax avoidance scheme".
A political row over tax avoidance broke out between the Conservatives and Labour this week over hedge funds and donors but one Labour backbencher also hinted that Smythson, the luxury stationers for which Samantha Cameron, the Prime Minister's wife, acts as an adviser, had shifted its headquarters to Luxembourg to lessen its tax burden.
In a speech, Justin Welby, the Archbishop of Canterbury, touched on the subject, calling on firms to pay more tax in the countries where they made their profits.
Read more: Accountancy firm PwC accused of promoting tax avoidance | Herald Scotland
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