Britain slugs banks and multinationals with bigger tax bills

(MENAFN- Saudi Press Agency)  Multinationals which send profits on revenues raised
in Britain to offshore locations will have to pay a 25-per-cent
diverted-profits tax, British officials said on Wednesday, dpa reported.

Banks will also have to pay more tax because of new limits on
offsetting losses from the global financial crisis (GFC) against
current profits.

Chancellor George Osborne told parliament in London that thwarting
tax minimisation schemes by multinationals would raise around a
billion pounds (1.5 billion US dollars) a year.

Cutting tax breaks for banks would add 4 billion pounds a year to
government revenues.