Monday, February 21, 2011

We can press Cameron to take action on tax havens

Here is a letter to your MP that you can copy, modify and email to your MP here.
It is more effective if you also send a hard copy by mail to your MP at House of Commons, London SW1A  OAA

Dear [MP name]

I am following developments regarding tax avoidance measures practiced by large corporations. Estimates of the wealth leaching out from the real economy of the UK to tax havens go up to £120 billion a year, and Richard Murphy of Tax Research UK estimates that some £20 billion per year could be recovered if the Government were so minded.

The argument is put that if the UK tightens its tax regime, companies will simply migrate to countries with easier regimes.  There is therefore a strong case for global action on tax policy as a logical response to the globalization of commerce.

Already on the agenda of the next G20 meeting in France this November are headline items relating to “Strengthening financial regulation”.

The G20 needs to take common action to close down tax loopholes and tax havens to prevent the “race to the bottom” induced by low tax regime competition.

I would be grateful if you would ask the Prime Minister (who will be leading the UK G20 delegation) if he will welcome and support a global closure of tax havens and loopholes.

Yours sincerely

[your name]

Update 2 Oct.11: The OECD is waking up to the problems of tax haemorrhage.

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