Tuesday, 13 July 2010

Finance Bill - McDonnell forces tax justice onto agenda

LEAP Chair John McDonnell moved amendments to the Finance Bill in Parliament yesterday to help tackle tax avoidance and evasion. Richard Murphy, one of the main movers behind the Tax Justice Network, reports it on his blog with some helpful commentary.

The TUC report 'Missing Billions' last year highlighted how £25bn of tax revenue is lost every year through avoidance. PCS, which represents staff working in HM Revenue & Customs, has led trade union campaigning for tax justice and their website contains lots of useful information - and you can also lobby your MP from there.

With the annual deficit at £159 billion, it is clear that the 'tax gap' should be the primary way of addressing the deficit. With PCS estimating the tax gap at £120 billion - there is huge scope to tackle the deficit, just by ensuring big business and wealthy individuals pay their way (before we consider asking them to pay more).

I also hope the tax authorities stand firm against Usain Bolt - who seems to think his quick feet should allow him to dodge tax. Let's hope the tax authorities, globally, catch up with him!

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