Andrew Rawnsley wrote a first rate piece on tax havens in the Observer yesterday. I recommend it all. I especially like this bit:
The use of tax havens has become so embedded in corporate culture that leaders are timorous about blasting it away. Ninety eight of the companies in the FTSE-100 use tax havens. One of them is Sainsbury’s. You cannot imagine a more domestic company and yet the Fair Tax campaign has identified nine tax haven subsidiaries used by the supermarket chain.
While spouting indignation about tax avoidance, politicians fawn on Eric Schmidt and his ilk. One remedy available to the British government, which could be implemented tomorrow, would be to declare that there will be no jobs as government advisers, knighthoods or any other conferment of approval for the bosses of these companies that don’t pay their fair dues. Nor any public sector contracts for corporations that practise aggressive tax avoidance.
I agree. He’s got precisely why I think the Fair Tax Campaign is important, although as a director I guess I should.