Banks pushed to reveal cost of bonus tax | Mail Online.
Banks could be on a collision course with shareholders over how they report the effect of the Government's bonus tax in their annual results next month.
The banks, which all pay their bonuses over the coming month, will also pay a tax equivalent to 50 per cent, and leading investors have said they expect them to spell out how much that figure will be.
But bank sources questioned by Financial Mail said they saw no reason why the details of the tax bill should be declared. One said: 'We have never spelt out how much we pay in National Insurance for our staff and I can't see why this would be any different.'
It's a lack of transparency that lets bankers shift the burden of their abuse on to shareholders and then on to pension funds and then on to you and me.
We must have massively increased transparency now.
Country-by-country reporting is part of this.
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
Umm, Richard. Isn’t it me that keeps saying that the people who bear the economic burden of a tax are not necessarily the same as the people who hand over the cheque? And you who dismisss the idea as some neo-liberal fabrication?
And yet here we have a tax aimed at either the banks or the bankers which is being paid by our collective pension funds?
Doesn’t that rather prove my point?
(BTW, not sure how transparency would change this at all.)
Tim.
Get real. Here and now, it is business that bears the economic burden of the tax. You’ll be telling us next that management only ever act in the interests of shareholders.
Transparency is needed so that the activities of bankers can be more closely scrutinised to stop them from crashing their entire insitutions. It is certainly expected that they will provide a reasonable return to our pension funds along the way – but it far more important that we can be sure they aren’t about to go bust.
@JD
You have to realise Tim lives in the world of make believe that says recessions aren’t possible, all people are rational and perfect outcomes are achievable on all occasions
I think it’s called never getting over Enid Blyton