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HMRC criticised by MPs for unrealistic expectations

The taxman is at it again – and this time MPs are quick to point out how bloody stupid Her Majesty’s Revenue & Customs is being.

HMRC’s newest tax evasion deal that it struck with Switzerland has been blasted by the Public Accounts Committee as ridiculous in how unrealistic the tax authority’s expectations are. HMRC thinks the deal – which will have banks in Switzerland hand over any Brits that have accounts in the country and that haven’t paid a ‘withholding tax,’ should bring an extra £3.1 billion into the Treasury coffers. Meanwhile more conservative estimates see the cash being raked in as much less, with only around £440 million actually being recovered to date.

Now maybe I’m not a Government minister or an MP, but if the real-world returns on this new deal with Switzerland isn’t going to bring anywhere near close to that £3.1 billion in recovered tax revenue, doesn’t it seem like a bit of a waste? For what it’s worth, there must be more efficient ways to clamp down on tax avoidance and tax evasion than this – what about all the money funneled overseas into places like the Cayman Islands and other offshore tax shelters? Have we forgotten all about multinationals that thumb their noses at the taxman by taking their billions in revenue elsewhere so they only pay a tiny sliver of what their fair share would have been? And why is it that freelancers, contractors, and other small business owners are getting bent over the barrel here when it comes with the increased scrutiny they’re under while these multinationals get away with murder?

No, if you ask me we shouldn’t be bothering with the bit of cash we can recover from Switzerland. Sure it’s a good bonus, especially when it’s coming from Brits that thought they could get one over on the Treasury, but for what it’s worth there are bigger damned fish to fry out there that HMRC is completely ignoring! What will it take for the Government to stop trying all these hare-brained schemes and instead go for the jugular when it comes to these arrogant, predatory multinationals who think they’re above the law?

Leave off the business with the Swiss, if you ask me. They’ve got their own problems to deal with and they don’t need the Government interfering. Let’s get the tax revenue we need from big bastards like Starbucks and Amazon – it’s not like they don’t owe the money to us anyway!

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