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11 Feb 2011
HIGH TAX rates have hit the number of UK staff recruited by Diageo.
Chief executive Paul Walsh said recruiting staff to work in the UK was becoming a problem due to tax rates, and the government must focus on this for reform, reported the Daily Telegraph.
Further reading
Walsh said that, as an example, staff were relocated to Budapest rather than the UK.
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Might I be permitted to offer some balance to the view of Paul Walsh - a man whose salary is outrageously and unjustifiably high by reference to the results of his company and whose principal attribute seems to be screwing every last cost out of the company with no regard for the wider consequences. I am willing to bet that large fees are paid by him (or more likely by the company on his behalf) to ensure that his tax bill is as low as possible.
If Diageo did not take the tortuous steps it does to avoid paying corporation tax in the places where its profits are generated (in the case of whisky, that would be the UK) such as by the ...[comment edited by moderators]... relocation of its brands to the Netherlands, there would be less need for higher rate taxes to be levied on individuals.
Until Diageo and other similar tax-avoiding companies pay appropriate taxes in the place where their profits are earned, I think the hyperbole from the likes of Paul Walsh should be ignored, unless he would care to comment on the above.
Posted by: roger, 14 Feb 2011 | 09:48
All's fair in love and tax
The comments above illustrate the problem. The taxman does not have any moral right, though it does have the ability, to hold down and aggressively and arbitrarily pillage companies or individuals to furnish the money it has already squandered; and companies and individuals have no moral duty to let them. Roger and his ilk are as offended at the existence of wealth as medieval monks, and their otherworldly and futile moralising is about as useful to their fellow citizens.
Posted by: J Clemens, 15 Feb 2011 | 12:04