Osborne corporation tax buffet is less than palatableTax cuts open the doors for foreign takeovers like AbbVies purchase of Shire but also lets foreign firms cash in without bringing jobs or investment to the UKShortly after entering No 11 as chancellor for the first time, in 2010, George Osborne went to the CBI annual dinner and told Britains foremost business figures that he wanted to create the most competitive corporate tax regime in the world. Four years on from that speech, his strategy is bearing fruit in a less than palatable way.AbbVies takeover of Shire is a marriage that exploits all Osborne has to offer and gives nothing back. AbbVie is a Chicago-based pharmaceuticals firm that, like so many US corporations, was looking for a takeover target in a low-tax country to allow it to escape the heavy hand of the IRS. ... ...read moreBy Staff writers Tax cuts open the doors for foreign takeovers like AbbVies purchase of Shire but also lets foreign firms cash in without bringing jobs or investment to the UKShortly after entering No 11 as chancellor for the first time, in 2010, George Osborne went to the CBI annual dinner and told Britains foremost business figures that he wanted to create the most competitive corporate tax regime in the world. Four years on from that speech, his strategy is bearing fruit in a less than palatable way.AbbVies takeover of Shire is a marriage that exploits all Osborne has to offer and gives nothing back. AbbVie is a Chicago-based pharmaceuticals firm that, like so many US corporations, was looking for a takeover target in a low-tax country to allow it to escape the heavy hand of the IRS. ... ...read more Source: The Guardian ift.tt/1gB4pon
Posted on: Sun, 20 Jul 2014 10:41:12 +0000
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