A decade ago, a series of scandals rumbled through the corporate tax world, as we all learned how big companies often paid little tax. Amazon, Google and Starbucks were hauled before parliament to explain why their tax bills were so low. What was truly shocking wasn’t the way they had broken the law, but the fact that they hadn’t. The global corporate tax system was incredibly leaky. International agreements to ensure no double taxation were, and are, actually leading to double non-taxation of company profits.
Large companies routinely avoid paying their fair share of taxes by “shifting” their profits to low-tax countries. This has led to a dramatic decline in
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