I believe the UK needs to lower its corportaion tax rate to make the UK more attractive to businesses, and less likely to be victims of multinational tax avoidance, as i have spoken about before.
Today I asked the Prime Minister about the Government's plans;
I congratulate the Prime Minister on the excellent work that he has done in the European Union on tax transparency. Has he had a look at the comments made recently by Tim Cook of Apple and Eric Schmidt of Google, who say that it is worth reworking the tax system as a whole and making it fit for the internet and globalised age? Would my right hon. Friend consider making it much simpler, and enabling a much lower rate of corporation tax, to make this country even more competitive?
Of course, we are cutting the rate of corporation tax down to 20%, and I think we therefore have an even greater right than usual to say to companies, "Look, we have a low tax rate in this country; you now really should be paying it." The point that I would make is this: of course tax evasion is illegal, but I think there is a case for saying that very aggressive tax avoidance also raises moral issues that companies should consider. That is a conversation that I have had with the CBI and others, who back that view, but we should make it easier for these companies by having international agreements that make it easier for them to make the right choice.
It has been an honour and privilege to serve as Member of Parliament for Dover & Deal. I hope to be re-elected to serve our community for another term.
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