Budget proposal to impose tax on turnover of companies unfair

Friday, 20 November 2020 02:41 - - {{hitsCtrl.values.hits}}

The Budget proposal to impose a 0.25% tax on turnover of companies with over 50 employees is very unfair. This is supposed to create an insurance scheme to fund those who have lost their livelihoods during COVID. The vast majority of companies have cut the salaries of their employees by as much as 50% due to COVID. If they have money to spare it should be given to their staff by gradually raising their salaries back to pre-COVID levels, not by subsidising others. In the US, UK stimulus packages are giving by governments without taking money from the hard-pressed private sector.

Regards,

C. Ramachandra FCA