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Multinational called on carpet for shifting profits overseas

Everyone knows that payday lenders are just horrid, but here’s some more proof: the nation’s largest just got accused of tax avoidance for its recent behaviour.

So today the news is as follows: Wonga, the biggest – and some say the worst – payday lender operating in the UK, just shifted some £35 million of the money its made off of poor Brits down on their luck to a shell company in Switzerland. Do you know what the tax rate is in Switzerland? Well, it’s somewhere in the neighbourhood of around 1 per cent – and campaigners are calling Wonga out on its practice.

This, my friends, is a perfect example of the kind of tax avoidance that multinationals like Wonga pull all the time. Never mind the fact that Wonga is going around saying that it paid more than its fair share to HMRC last year – so what if it did? Does that give it the right to put a thumb in the eye of the taxman just because it can?

I swear it’s infuriating to hear about things like this going on. Not only that but you can almost be guaranteed to know that nothing will come of this tax row either, since the Government is more interested in going after small business owners and other self-employed blokes like contractors instead of big businesses, despite the fact that these multinationals are getting away with murder. No, instead it will squeeze every last penny from hard-working sole traders because they’re easy targets and don’t have the kind of high-powered accountants that a big firm like Wonga can employ.

For what it’s worth, it’s not like Wonga even provides a valuable service to Brits, despite what it keeps telling us. No, the payday lender is more or less a legalised loan shark if you ask me – and now it’s taking its ill-gotten gains and funneling it into its ‘sister company’ out in Switzerland under the guise of ‘business fees.’ Listen, you don’t need me to tell you that’s absolute rubbish, do you? I mean nobody believes that Wonga’s doing this because they have to – it’s more than obvious that the firm simply wants to maximise the profits its making off of the nation’s low income earners. As if its ridiculous 4,000 per cent payday loans weren’t bad enough! It’s maddening, and I hope someone in the Government finally decided to put a stop to it.

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