Thursday, 26 July 2012

TAX AVOIDANCE AT OLYMPICS, LONDON 2012 -- Updated 10 March 2014

UPDATE: 10 March 2014  --  The Prime Minister and his friend the Chancellor always shouting about to bring the National debts down but let grandiosely the Olympics 2012 was off paying tax.

This, again, shows how David Cameron looks after his boys and has no serious intention of reducing the debts. Now and then David Cameron holds a big speech about roping in the tax avoiders who have their accounts in tax havens. At the same time he announced any sponsor will be treated as offshore. 

Tax avoidance is not always the same story for the top boys. A report revealed that Olympic sponsors avoid paying taxes up to £600million since it will be treated as offshore during the Games. 

Let’s faces it  the so-called sponsors make a multi-million business on the games there is no need to add tax avoidance. Especially since UK PM David Cameron made several speeches stating he is totally against it.

Doesn’t that show a double standard?

To crown it all the Government had new Revenue and Custom rules added  after the Team GB’s winning bid. Therefore, “corporate partners” like Coca-Cola, McDonald and Visa have a temporary exemption from corporation tax as “non-resident” companies. How can they be classed as non-resident companies when they have offices all over the UK?  This new ruling enables them not to pay taxes form March 30 to November 8. 

Furthermore, the new rules are also extended to foreign employees working for the firms and they do not have to pay income tax in the UK.

Wow, this is absolute incredible since the PM David Cameron axing the Police, Armed Forces, doctors, and Nurses who gave him nothing but loyal service and it is to “save” and bring the deficit down. There is also the other point again how quickly these new rules were put into place, Yet a new rule of cutting bonuses and overpaid salaries of banking and City boys is drugging on without any hope of being put through.

Author Tim Hunt said: “The real winner in the London Olympics is those companies who stand to make millions out of the greatest sporting event in the world.”

The same report also stated the London Organising Committee’s (LOCOG) own tax concessions account for a further £100min lost tax. It means a loss of £100m for the treachery.

Therefore Mr Cameron should never criticise anybody before sitting down and think and look at these facts.  The Treasury also contempt ordinary people paying cash-in-hand which avoids tax or VAT.  The Treasury and Mr Cameron should go after these people of top companies and rope them in. To criticise and at the same time knowing very well there were special rules arranged for big companies to enable them to avoid tax is not only incredible is ludicrous knowing very well them and their friends are the worst offenders.

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