13:26 03 January 2013
Google has avoided paying £1billion in UK tax for 2011 by using an elaborate scheme in order to reduce taxable profits. It was discovered that the web giant funneled £6billion through Bermuda last year.
Bermuda Island is renowned for its tax laws that do not force companies to pay tax on their profits.
With the aim to clampdown on companies and wealthy individuals who avoid paying taxes, Prime Minister David Cameron urged fellow G8 leaders to work together and launch a global crackdown on tax avoidance.
In an open letter to Angela Merkel, Vladimir Putin, Barack Obama, and other G8 leaders, Mr. Cameron said that coordinated action is needed in order to get major corporations and wealthy individuals pay their fair share of tax.
He wrote: “I do believe we all have a common interest in being able to tell our taxpayers who work hard and pay their fair share of taxes that we will make sure others do the same.”
Mr. Cameron urged G8 leaders to prepare to take bold steps when they meet in Northern Ireland in June this year for the G8’s annual summit.
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