My greatest strength is my ability to speak the truth to power. It is also my greatest weakness as I can never not speak the truth to power.
Therefore, it would be wholly inappropriate for me to apologise, or withdraw my comments, regarding Barclay’s and HSBC. Instead, I’m going to reiterate them and then reply to my critics.
Barclay’s and HSBC have behaved unacceptably in failing to adopt unitary taxation.
Firstly, it is not a “fictitious” tax liability. The banks have avoided unitary taxation by treating it as a fictitious tax, so there is a clear conflation of cause and consequence.
If, on the other hand, Barclay’s or HSBC decided to adopt unitary taxation, I am absolutely certain that all the affected jurisdictions would be more than happy to direct tax officials to apply some discretion to their democratically established laws.
Secondly, there have been a lot of people suggesting that calculating these business’s tax avoidance by working out their liabilities under unitary taxation is “defamatory” or “fallacies”. These people would obviously like the return of slavery.
Yes, that’s right, I’m calling you colonial slave mongers!
The law hasn’t changed yet, but I think you will find that there are currently absolutely no rules or laws whatsoever that stipulate how businesses should calculate their tax liabilities. So it’s not like I’m suggesting they do something illegal!
Not only would it be an illegal suggestion but it would be highly unethical to accuse somebody of impropriety for not breaking the law. I imagine that’s the sort of thing that a professional body would take quite seriously!
And let’s face it, unitary taxation may possibly become law one day, so businesses are morally justified in implementing it now. That’s why I can lay the blame solely at the doors of these banks, who we all hate anyway, rather than the legislators of this world.
Thirdly, I did actually make the tax adjustments that would still be required by law even with unitary taxation. Contrary to suggestions that I don’t understand the relationship between profits and taxable profits, the adjustment just happened to be zero. Alright?
Fourthly, slavery again and also apartheid. Basically, I’m saying that you can ignore the law so long as you feel it’s ok.