Full of wonders it is:
There currently exists a loophole whereby businesses can offset this year\’s profits against last year\’s losses. This should stay for SMEs as they struggle through these difficult times, but the government have craftily neglected to tell us that the banks who returned to profit this year are exempt from paying taxes due to last year\’s losses. We would close this loophole for large companies.
It\’s not a loophole you ignorant tosspot. Companies are charged tax on their cumulative profits for a very good reason. For, when you start a new business adventure, either as a stand alone company or a new project within an extant one, you make losses for the first few years as you get it up and running. So, you only start paying profit taxes once you\’ve recouped the losses you made on starting the business.
Virgin Media and other telecoms businesses make rapid profits for minimum fuss. Their quick growth model gives nothing back. Too often, they make their profits from those who cannot show restraint when building up large telephone bills. Added to this they manage to avoid paying large amounts of corporation tax due to the use of various accounting practices. In GEER, we think get rich quick companies have a duty of care to the state. For this reason a telecoms tax is a good way of recouping some ill-gotten profits for the benefit of the nation at large.
What? So if you grow the company quickly, providing more jobs to people, providing services that the consumers want, thus you should pay more tax?
This GEER thing, this new \”left Labour think tank\”: is it actually any more than Eoin and his vaseline filled tube sock?