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Q&A Forum

Business ethics: A UK viewpoint

Britain's new Prime Minister, Theresa May has made the reviewing and fixing corporate misconduct a cornerstone of her administration.

"In her speech, the prime minister described her goal of creating an “economy where everyone plays by the same rules,” pledging to not accept “one set of rules for some and another for everybody else.” reports the WSJ.

Among what will be prosecuted is tax dodging by both individuals and companies. The UK is looking at both domestic and multi-nationals.

Do you feel the US is focused on these issues or unless the press gets a hold of something (think Wells Fargo), it gets swept under the rug?

Answers

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Rhetorical question in a way, Wayne. :)

There are so many elements in the tax code, some will appear as loopholes to many people because they can't use them, and so they are regarded as unfair.
That said, people are entitled to arrange their affairs (legally) to pay no more tax than they need to.

A simpler tax code can enable a reduction in tax dodging.Why- fewer options to manipulate.

But do all the tax accountants/lawyers really want to see their livelihood disappear with a simpler tax code?

EMERSON GALFO
Title: CFO
Company: C-Suite Services
LinkedIn Profile
(CFO, C-Suite Services) |

The legal precedents on the primary purpose of a corporation (i.e. maximization of shareholder returns) should be reexamined and challenged.

The present state of the tax code has nothing to do with ethics. Ethical corporations will do the right thing even in the presence of a flawed tax code. Some DO try to act ethically but the market and shareholder pressure is sometimes too much. Most corporate scandals EMANATE from how (or what?) the Board/CEO/Management views the corporation's purpose is.

I have asked this before....What/where is the line separating maximization of shareholder returns and greed?.

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