Friday, November 14, 2014

Double Standards

Capitalist business's are extremely strict with their staff and come down hard on any of their employers who might try the dodge of claiming unworked overtime or phoney expenses, but their own behaviour is hardly shining white. Recent Luxembourg documents have uncovered the multi-billion dollar tax secrets of some of the world's largest multinational corporations. Major companies including drugs group - Shire, City trading firm Icap and vacuum cleaner firm Dyson, have used complex webs of internal loans and interest payments which have slashed the companies' tax bills. These arrangements, signed off by the Grand Duchy, are perfectly legal. 'The documents also show how some 340 companies from around the world arranged specially-designed corporate structures with the Luxembourg authorities. The businesses include corporations such as Pepsi, Ikea, Accenture, Burberry, Procter & Gamble, Heinz, JP Morgan and FedEx.' (Guardian, 6 November) That is how capitalism operates - it is reprehensible for workers to try and fiddle a few bob, but for the companies concerned millions of pounds is "perfectly legal". RD

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