Friday, 25 January 2013

Banks and tax

Tax is always going to be a subject of contention....I do recognize I shouldn't have been surprised yesterday when I got jumped on for mentioning the Robin Hood tax. European countries have agreed to pay a tax which we have not in this country.

I joined this group a couple of years ago when the full extent of the banking scandal became apparent....since then worse has followed...The libor fixing by several British banks was not just Illegal , it was also immoral..And you do start to wonder when and if they will ever learn....

Making banks pay a tax on transactions is not really a Robin Hood measure...for that the money would have to be spent on the poor, the homeless and the ill nourished...but as a start it at least ticks the box for making banks more aware of their responsibility towards the rest of us.

I am glad that some countries will allow this and hope this country may follow suit in time.

We all pay tax after is the way a civilized society ensures care for those less fortunate than ourselves.

It seems only fair for the big banks to make their contribution.


1 comment:

  1. I suspect that the Robin Hood tax on every financial transaction is the issue for many. It would impact wider than banks and stocks and shares. It will depend upon how they describe a financial transaction which could drill down to you being taxed for withdrawing cash via a cash point.

    I believe that all corporations should pay their full liability for tax, and that it's immoral for them to exploit tax loophole to pay less. If they wish to trade in the UK, than they must be forced into paying it or be made to move out of the UK and close their business down.

    I actually think that a financial transaction tax could work, but it would have to be unilateral otherwise it would be unfair. Perhaps if the chancellor put 1/2 of 1 percent of the VAT he raises into a separate pot for the purpose envisaged it would be simpler. And of course, we should review the way that we distribute overseas aid, as there seems to be so much corruption involved. It is supposed to be targetted at specific projects via governments. Why not use the NGO's who are actually working in the places of need to distribute the aid. Fairer and much less likely to be subject to corruption.