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That this House congratulates the Committee of Public Accounts on its questioning of US multinationals over tax avoidance; condemns the manipulation by some multinationals of their accounts to minimise the payment of corporation tax; notes that none of the multinationals was able to defendits actions; agrees that these actions damage UK businesses that pay full taxes; further notes that, whilst not illegal, these actions are highly immoral; further notes that with the collapse of government revenue from 2008, corporation tax is vital in helping to balance the Government's books in a fair manner and that the immoral actions of some multinationals result in others paying more tax and in increased cuts to public expenditure; and calls on the Government to announce plans in the Autumn Statement to levy a form of turnover tax, attributable to economic activity in the UK and equivalent to the revenue which would normally have been raised through corporation tax, on any multinational found not to be paying an appropriate level of tax onits UK activities and to invite the UK's European partners to adopt a similar approach.
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