Europe, Middle East and Africa Oil and Gas Correspondent
Tom's Feed
Oct 17, 2012

Starbucks may face UK tax probe after MP asks for inquiry

LONDON (Reuters) – Starbucks may face an inquiry into its British tax affairs after a senior MP called for an investigation into how the company could avoid paying tax on 1.2 billion pounds of sales since 2009.

A Reuters report that Starbucks had been telling investors its UK unit was highly profitable while telling the UK authorities that the unit was lossmaking, and thereby not liable for tax, undermined public trust in the tax system, MPs said.

Oct 17, 2012

Starbucks may face UK tax probe after lawmaker asks for inquiry

LONDON, Oct 17 (Reuters) – Starbucks may face an
inquiry into its British tax affairs after a senior member of
parliament (MP) called for an investigation into how the company
could avoid paying tax on 1.2 billion pounds ($1.93 billion) of
sales since 2009.

A Reuters report that Starbucks had been telling investors
its UK unit was highly profitable while telling the UK
authorities that the unit was lossmaking, and thereby not liable
for tax, undermined public trust in the tax system, MPs said.

Oct 15, 2012

How Starbucks avoids UK taxes

LONDON (Reuters) – Starbucks’ coffee menu famously baffles some people. In Britain, it’s their accounts that are confusing. Starbucks has been telling investors the business was profitable, even as it consistently reported losses.

This apparent contradiction arises from tax avoidance, and sheds light on perfectly legal tactics used by multinationals the world over. Starbucks stands out because it has told investors one thing and the taxman another.

Oct 15, 2012

Special Report: How Starbucks avoids UK taxes

LONDON (Reuters) – Starbucks’ coffee menu famously baffles some people. In Britain, it’s their accounts that are confusing. Starbucks has been telling investors the business was profitable, even as it consistently reported losses.

This apparent contradiction arises from tax avoidance, and sheds light on perfectly legal tactics used by multinationals the world over. Starbucks stands out because it has told investors one thing and the taxman another.

Oct 15, 2012

Fast food, tax lite

LONDON (Reuters) – When does a hamburger become intellectual property? For fast food giants, the transformation happens at the tax office.

Restaurant chains such as McDonald’s, Burger King and Subway, and coffee chain Starbucks, save millions in taxes each year by claiming that part of what they’re selling is the parent companies’ know-how.

Oct 4, 2012

Business spooked by UK tax avoidance clampdown

LONDON, Oct 4 (Reuters) – The activists who have protested
in recent months at the tax arrangements of some leading British
companies are united with many politicians in wanting to cut
corporate tax avoidance. On how best to do that, there’s less
agreement.

When the government first came out with plans to clamp down
with a so-called General Anti-Avoidance Rule (GAAR), UK
companies were publicly positive, seeing the measure as helping
tackle public resentment at corporate behavior as well as
creating a more level playing field between companies
themselves.

Sep 18, 2012

Gas output of BP-led Shah Deniz 2 may beat target-Azeri minister

BAKU, Sept 18 (Reuters) – The Shah Deniz offshore gas field
led by BP could end up pumping significantly more gas
than currently planned when a second stage of the project comes
online in 2017, Azerbaijan’s energy minister said on Tuesday.

Shah Deniz 2, as the expansion project is called, is
currently targeting output of 16 billion cubic metres of natural
gas per year, most of which will go to Europe and help reduce
the continent’s reliance on Russian gas.

Jul 12, 2012

Europe profit downturn exposes bullish forecasters

LONDON (Reuters) – Mid-year profit warnings in northern Europe have wrong-footed equity analysts who forecast strong earnings despite a global economic slowdown – the latest embarrassment for a profession whose own value many investors now question.

Thomson Reuters data show average analysts’ forecasts for earnings growth in Germany, the Netherlands, Switzerland, Sweden, Norway and Belgium were broadly stable, or even raised, in the first half of the year. <link.reuters.com/wyt39s>

Jun 26, 2012

Insight: Vodafone in new 1-billion-pound UK tax “scandal”

LONDON (Reuters) – The world’s largest mobile phone company, Vodafone Group, has shaved 1 billion pounds, and possibly more, off the taxes its UK operating unit might have paid in the past decade, thanks to accounting factors not seen at other European units.

A Reuters examination of statutory filings made by Vodafone across Europe over the past 16 years shows the UK taxman has often gone empty handed, while tax authorities in Germany, Spain and elsewhere have raked in billions of euros.

Jun 26, 2012

Vodafone in new 1 bln stg UK tax ‘scandal’

LONDON, June 26 (Reuters) – The world’s largest mobile phone
company, Vodafone Group, has shaved 1 billion pounds, and
possibly more, off the taxes its UK operating unit might have
paid in the past decade, thanks to accounting factors not seen
at other European units.

A Reuters examination of statutory filings made by Vodafone
across Europe over the past 16 years shows the UK taxman has
often gone empty handed, while tax authorities in Germany, Spain
and elsewhere have raked in billions of euros.

    • About Tom

      "Tom leads our coverage of the oil and gas industry in Europe, the Middle East and Africa and is also author of 'Spills & Spin: The Inside Story of BP'. A former oil broker who turned to journalism 12 years ago, he is regularly interviewed on CNBC and other TV and radio stations on energy matters. Tom has reported from over twenty countries including Iran, Iraq, India, Pakistan, Tanzania, the U.S. and Russia. As Europe, Middle East and Africa Oil & Gas Correspondent, he has chartered the rise in oil prices to record levels, interviewed oil ministers and the CEOs of ..."
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