Magazine article Public Finance

Shirking Tax Hits Public Trust, Says Mandelson

Magazine article Public Finance

Shirking Tax Hits Public Trust, Says Mandelson

Article excerpt

Former Labour minister Lord Mandelson has said the global corporate tax system will be deemed inadequate until it aligns with what the public considers fair.

Mandelson, who served as business secretary in the last Labour government, said the social contract between business and the public is being undermined as society sees multinational companies as being able to shirk their responsibilities and pick and choose what tax they pay and when.

Speaking at a seminar organised by the All Party Parliamentary Group on Responsible Tax, Mandelson said economies cannot function properly when "that perception and that resentment is so strong" in an area as crucial as taxation.

"The fundamental goal in my mind is to create a system that recognises the public sense of what is right and fair, and ensures this aligns closely if not perfectly with the amount of tax required by the law in letter and in spirit," he stressed. …

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