Dudley MP Ian Austin has backed new laws that would clamp down on tax dodging and make sure major firms and international corporations pay their fair share.
Austin is working with other MPs to table amendments to the Government’s Finance Bill that would expose multinational tax dodging and close the so-called ‘Mayfair Loophole’ used by private equity bosses.
The Government has now been beaten back on a number of these issues, with MPs voting in favour of country-by-country tax reporting and making concessions on the Mayfair Loophole worth £700 million a year.
Despite promising at the last election to close tax loopholes worth £5 billion, the Conservatives have so far done nothing, allowing the amount of uncollected tax to rise to £34 billion.
Austin has campaigned for a plan to tackle tax avoidance by introducing a fairer tax system and tougher penalties for abusing the system at the same time as closing tax loopholes and ending unfair tax breaks used by hedge funds.
Ian Austin said:
“While families and firms in Dudley pay their fair share, it is not right that some big international businesses don't.
“The government needs to make these companies pay their fair share by reforming the rules that allow companies to make huge profits in Britain and in developing countries, but pay no tax.
“I’m delighted the Government has made concessions, but we need a serious plan to save billions lost in tax avoidance so we can invest in public services instead.”