BBC corporation tax horror story!

Turning to Ed Miliband, specifically, he said in his speech: ‘I can’t be the only person here who feels disappointed that such a great company as Google, with such great founding principles, will be reduced to arguing that when it employs thousands of people in Britain, makes billions of pounds of revenue in Britain, it’s fair that it should pay just a fraction of one per cent of that in tax.’ As it happens, according to the BBC story above, it pays tax of nearly two per cent of turnover but that is beside the point. Ed Miliband made no mention of Google’s profits in the speech whatsoever. Companies pay national insurance contributions in respect of their employees – as well as income tax and employees’ national insurance which raises the cost of employment - and they pay VAT on the value added in turnover. They pay corporation tax only on profits.

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Source: http://www.iea.org.uk/blog/bbc-corporation-tax-horror-story

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