£220bn in profit last year.
It's in the headline.
As others pointed out — this number is nonsense. See for example https://news.ycombinator.com/item?id=27380998.
I'm not sure how they got from a €36.5 billion profit for the year (which would be the maximal taxable amount) to a €220 billion number, something 6x higher.
The profit goes out to shareholders as dividends, to employees as salary rises and into investments of a corporate’s means of production hopefully generating more growth and, hence, growing tax returns.
E.g., "The separate taxation of the incomes of corporations and their shareholders follows the legal principle that corporations and shareholders are distinct entities. Some scholars argue that it also accords with economic reality, particularly for large corporations with many shareholders who do not participate actively in controlling the enterprise. They consider a corporation income tax justified as a charge for the privilege of doing business in the corporate form, as a means of covering the costs of public services that especially benefit business, and as a way of capturing part of the profits of large enterprises."
It is true that huge corporations already "give back" a lot of the money they collected under various forms (income tax, VAT, etc.)
But if you think that the role of government is necessary, then you agree that it should collect taxe to exercise this role. And money is taken where money is. We tax corporations because they make benefits, and a benefit is just a way of saying that even after deducting everything they can think of, they still have money they don't need. So why not take a part of it and re-invest it elsewhere where it is needed ?
Ultimately there is no proper justification for any tax, except its necessity to let society fonction properly.
But a tax law should adhere to the same standard of quality as other sections of the law. Under the rule of law I -- for one -- expect tax laws at least not to be arbitrary. Just the fact there is money on the table does not entitle the society to grab it.
Think about it:
Employees of multinational companies pay billions of income tax.
Customers buying products and services from multinational pay billions in VAT.
Shareholders of multinationals receiving dividends pay billions of capital gains tax.
So what exactly is left for a corporate tax to collect?