Britain's opposition Labour Party Shadow Chancellor John McDonnell speaks on new digital infrastructure policy as part of his general election campaign in Lancaster, Britain November 15, 2019. REUTERS/Andrew Yates
LONDON - A British government led by the Labour Party would tax multinational companies’ global profits based on their presence in Britain, the party’s finance spokesman said on Friday. “So if a multinational has 10% of its sales, workforce, and operations in the UK, they’re asked to pay tax on 10% of their global profits,” John McDonnell said in a speech on Friday ahead of the Dec. 12 national election.
Haha - what global firms - they’ll all leave.
But it's Brexit that is bad for Britain and will drive big companies away 👍
Holbornlolz So there's a possibility that a company would be taxed both in their base country and overseas? You can have jobs or the tax, not both.
UKLabour won't be taxing the ones they drive out with their half baked ideas. NeverLabour GE2019 GeneralElection2019
Proving he’s just as financially incompetent as when Ken Livingstone sacked him at the GLC
It makes me wonder just how many times we have to sit on this magic merry-go-round watching this sort of incompetence trying to lie it's way into government and then watching some idiots actually believe them.
They'll all be gone the second this evil Marxist becomes Chancellor. BackBoris VoteConservative2019
Single handedly driving a socialist bus through all the international tax treaties with no care for the unintended consequences. Goes without saying that this is truly a stupid idea
Jesus wept. Has McDonnell.been at the UHU again? Mental
Holbornlolz And of course when Global firms cash up and leave then the tax payer picks up the bill to fund their lunatic schemes! What a shock, didn't see that one coming!
Can’t imagine what those global companies will do next then! Christ, how economically illiterate are labour
I wonder how this might be turned on the UK. Perhaps UK based global companies suddenly being forced to pay tax on their total profits based on their presence in other nations. Would that tax be offset against tax paid in the UK?
Fortunately, they're so fucking toxic that they have zero chance of getting elected.
Doing a good job of scaring business off.
In 2018, 60 of the largest companies in the US paid no tax on pre-tax income of $79 billion. Unless he can outlaw the practice of shell companies in offshore tax havens globally, UK Plc will fuck off elsewhere. Sad but true. owngoal
The Labour Party have a great knack for saying something of value in the wrong way or at the wrong time, IMHO. Maybe this could be explained as a version of VAT based on the locality of the business transaction rather than the notional location of the head office.
Imagine the reaction when the big US techs say bollocks to you pal, we’re off
Holbornlolz Deluded
this a good news, UK no need firms, only need Brexit .
Yep and the big business closes down and moves out of uk, won’t matter bring goods in as labour will see the country still locked into a customs union!
Good. Amazon has ruined the high Street and it pays virtual nothing. Capitalism is about competition how are small businesses supposed to compete with them.
They know how to destroy a country
Good by UK. The Exodus begins
Hmmm, not sure I completely agree on this idea frankly. If 10% workforce is in the UK and taxed accordingly, what countries where the profits are generated then do... should be based on UK earnings.
They won’t be present if the Communist are in Government
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Reuters - 🏆 2. / 97 Read more »
Source: CNBC - 🏆 12. / 72 Read more »
Source: Reuters - 🏆 2. / 97 Read more »
Source: Reuters - 🏆 2. / 97 Read more »
Source: Reuters - 🏆 2. / 97 Read more »
Source: Reuters - 🏆 2. / 97 Read more »