Following reports last week that Vodafone had sold phone cards into the UK through an overseas subsidiary in order to avoid millions of pounds worth of value added tax (VAT), a prominent UK business leader has warned the government that conducting a 'name-and-shame' campaign in such situations may prove counter-productive.
Speaking to the Financial Times, chairman of the FTSE 100 group of finance directors, Jonathon Symonds explained that the UK business community was willing to cooperate with the government in closing down illegal tax avoidance schemes, but that publicly naming those employing them may reduce their commitment.
"There is a will on behalf of business to tackle this issue," he told the FT, but added that: "We have only just begun a dialogue. Naming and shaming is not going to be very constructive."
Other industry observers have warned that if the government continues to publicly shame companies, they may seek to quit the United Kingdom.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment