In a study published today by the Organisation for Economic Cooperation and Development (OECD), the organisation expresses serious concerns over the massive increase in tax evasion by major corporations. SP Euro-MP Dennis de Jong says that ‘the study shows that two thirds of foreign investments make use of special financial instruments, such as box number companies. The OECD recognises that this sort of practice is becoming an ever greater problem. Big firms have succeeded in so doing in bringing their tax bill down to as low as 5%, while small and medium-sized enterprises are paying an average 30%. Individual taxpayers are being put at a disadvantage by this because they are also having to pay ever increasing taxes.’
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