BANKS WILL BE urged to explain their tax bills following public protests about the amount they are paying.
Exchequer secretary to the Treasury David Gauke called on banks to be more transparent about the tax they pay. This was after it was revealed that HSBC paid £236m in corporation tax having made £1.47bn profit in the UK.
The Guardian reports that Gauke is expected to tell the Institute of Directors: “We could have a better-informed debate if businesses were willing, perhaps, to be more transparent about the tax they pay… and explain the story behind the figures.”
HSBC chairman Douglas Flint criticised George Osborne’s permanent bank levy. He said it would cost the bank more than £350m. He said if it was removed, the bank would increase its payouts to shareholders .
Does Darwin's theory apply to taxation? Colin ponders...
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