Amazon-Style Offshore Tax Arrangements Must Be Death With, Says House Of Lords

The House of Lords has recommended that the UK tax authorities are given increased funding to help them pursue multinational firms under proposed tax reforms.

The Lords' economic affairs select committee said it wants greater funding to enable HMRC to tackle well-funded organisations and stop multinational firms potentially avoiding billions of pounds of payments, according to the Guardian.

The committee said it was 'not clear' if Organisation for Economic Co-operation and Development reforms unveiled this month ahead of a G20 summit go far enough to bring firms in line.

It is believed that multinationals including Amazon and Google move sales income from British customers to low tax countries such as Ireland, Luxembourg and elsewhere.

'It is not yet clear how effective the proposed solutions will be or whether they can be achieved within the [two year] timescale. In the meantime, the UK faces the prospect of losing much needed revenue,' the committee said in its report published this week.