Multinational execs to appear before UK tax committee
Google, Amazon and Starbucks executives to be quizzed by MPs
By Gaurav Sharma | CFO UK | Published 10:53, 12 November 12
Senior finance executives from some of the world’s leading multinational companies are to appear before the UK Public Accounts Committee (PAC) to answer questions on corporate tax payments.
The PAC, chaired by MP Margaret Hodge, will quiz executives from the UK operations of Google, Amazon and Starbucks, it was confirmed on Monday.
Matt Brittin, the chief executive of Google UK, Starbucks chief financial officer Troy Alstead and Amazon's director of public policy Andrew Cecil, are expected to give evidence to the committee.
In recent months all three companies have been accused of paying minimal or no tax on theIR British earnings. The discussion is expected to centre around the issue of tax avoidance by their regional units in a cross jurisdictional manufacturing, supply, purchase and sales chain.
The recent inquiry was triggered by a recent Reuters’ investigation which revealed that Starbucks has reportedly paid a mere £8.6 million in corporation tax in the UK over a period of 14 years. Subsequently, several news reports alleged that Google, Amazon, Facebook, Apple and eBay had employed UK tax loopholes to mitigate domestic corporation tax levies.
In wake of the revelations, all the aforementioned companies have stated that they had complied with existing UK laws and met all their obligations on domestic taxation. The hearing beings at 15:15 BST.
Share:Facebook Twitter Google Plus Stumble Upon Reddit Share This Email this article
The role of the CFO and the board in strategic risk governancemore ..
Marks and Spencer releases Alan Stewart early by to help deal with £250 million hole in Tesco’s accountsmore ..
The company is being sued by Getty Images for copyright infringementmore ..
Apple failed to show that it suffered enough harm as a result of Samsung's infringementmore ..
Examining how CFOs can improve the way they report back to the boardmore ..
Litigation funding is a very useful tool for CFOs but not a panacea for all legal mattersmore ..