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BBC News - Osborne: G7 agree to target tax evasion and avoidance

The G7 group of industrialised nations have agreed that there must be collective action against tax evasion and avoidance, the UK's finance minister has said.

Chancellor George Osborne said after the talks that it was "incredibly important" that firms and individuals paid the tax they owed.

Comments

Hmm.
So "incredibly important" that the Government are prepared to prosecute those individuals and companies who evade tax (a criminal offense, last time I saw)?
So "incredibly important" that the Government will change the law to do away with some of the tax avoidance schemes (which are not illegal)?

My understanding (IANAL) is that a stock exchange company is required by law to look after the interests of its owners (the share holders). I would guess this means that (within the law) they should look to maximise the profits which in turn means that they make sure they pay as little tax as possible, always within the law i.e. the law seems to require business to use tax avoidance schemes, or they will be prosecuted.

A fine mess you've got yourself into, George.

They can concerted effort all they like. If it's legal, then there's not a lot they can do except drive a person offshore.

"important that firms and individuals paid the tax they owed."

Well they mostly do pay what they owe.

What this is about is bullying them into paying MORE than they owe.

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