Europe, Middle East and Africa Oil and Gas Correspondent
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Feb 13, 2014

Google overseas tax bill rises as UK sales hit $5.6 bln

LONDON, Feb 13 (Reuters) – Google said its overseas
tax bill rose sharply in 2013, while sales in Britain, its
biggest foreign market, hit a record $5.64 billion.

Google said in its 10-K annual report filed on Wednesday
that its overseas tax charge, including deferred taxes, was $743
million in 2013.

Feb 7, 2014

Yahoo shifts Europe tax base to Ireland from Switzerland

LONDON/ROME (Reuters) – Yahoo! Inc is shifting its main European tax base to Ireland from Switzerland, a Reuters examination of company statements and accounts shows, as pressure mounts on the Alpine nation to abolish some corporate tax incentives.

The internet search group said the shift reflected a streamlining of its European operations and was not motivated by a desire to cut its tax bill, one of the higher in the U.S. tech sector.

Jan 30, 2014

Britain cuts big companies’ tax bill by 26 pct in 2013

LONDON, Jan 30 (Reuters) – Britain cut the tax bills of many
of its biggest companies by about a quarter last year, a survey
showed on Thursday, as government efforts to cut the nation’s
debt stir controversy over spending cuts and tax breaks.

Corporate taxation has risen to the top of the political
agenda in Britain in the past 18 months, amid revelations that
companies i Apple and Google reap billions in profit thanks to
UK customers but pay little tax in the country.

Dec 20, 2013

Insight: The Great British tax giveaway

LONDON (Reuters) – When Neil Withington, the legal director of British American Tobacco (BAT) and the firm’s largest British shareholder, files his next tax return, he will receive a little help from the state. Like every other UK taxpayer, he will be entitled to a tax credit on any dividend payment he receives. He can use it to reduce his total bill.

The credit is intended to compensate shareholders for the fact that dividends are paid out of income which has already been subject to UK corporate income tax. To help avoid the same money being taxed twice, the UK trims its levy on dividends.

Dec 20, 2013

The Great British tax giveaway

LONDON, Dec 20 (Reuters) – When Neil Withington, the legal
director of British American Tobacco (BAT) and the firm’s
largest British shareholder, files his next tax return, he will
receive a little help from the state. Like every other UK
taxpayer, he will be entitled to a tax credit on any dividend
payment he receives. He can use it to reduce his total bill.

The credit is intended to compensate shareholders for the
fact that dividends are paid out of income which has already
been subject to UK corporate income tax. To help avoid the same
money being taxed twice, the UK trims its levy on dividends.

Dec 19, 2013

Imperial Tobacco settles UK tax dispute

LONDON, Dec 19 (Reuters) – Imperial Tobacco said it
paid around 170 million pounds ($279 million) in UK corporation
tax in its 2013 financial year, more than its total UK tax bill
for the previous seven years, after settling a dispute with the
tax authority.

Public frustration at government austerity measures and
revelations of corporate tax avoidance in the past two years
have led to pressure on the tax authority, Her Majesty’s Revenue
and Customs (HMRC), to take a tougher line with big companies

Dec 17, 2013

Insight: The Luxembourg tax break that helps firms profit from loss

LONDON (Reuters) – “Life in Luxembourg is simply different,” says its government website. The same could be said of tax in the Grand Duchy. It’s known for its generous tax policies, but what’s less familiar is a Luxembourg rule that lets companies cut their income taxes using costs that they haven’t actually borne – a break offered by almost no other state.

The rule, which dates back to World War Two, helps companies save hundreds of millions of dollars in taxes each year, a Reuters analysis of the accounts of several major international corporations shows. The profits that escape tax have often not been earned in Luxembourg, but in countries like Britain, the United States and Germany. Those countries may lose out.

Dec 17, 2013

The Luxembourg tax break that helps firms profit from loss

LONDON, Dec 17 (Reuters) – “Life in Luxembourg is simply
different,” says its government website. The same could be said
of tax in the Grand Duchy. It’s known for its generous tax
policies, but what’s less familiar is a Luxembourg rule that
lets companies cut their income taxes using costs that they
haven’t actually borne – a break offered by almost no other
state.

The rule, which dates back to World War Two, helps companies
save hundreds of millions of dollars in taxes each year, a
Reuters analysis of the accounts of several major international
corporations shows. The profits that escape tax have often not
been earned in Luxembourg, but in countries like Britain, the
United States and Germany. Those countries may lose out.

Dec 2, 2013

Insight: UK power price rises prompt questions of network owners, regulator

LONDON (Reuters) – In 2006, Britain’s energy regulator reviewed how the gas and electricity market was functioning. Summarising its findings, it noted the possibility that its rules on pricing had been overly generous to the network owners.

The report was one of many produced by regulator Ofgem, tasked by the government with overseeing an industry that was broken up and sold off by the state during the 1980s and 1990s. The report went little noticed at the time.

Dec 2, 2013

UK power price rises prompt questions of network owners, regulator

LONDON, Dec 2 (Reuters) – In 2006, Britain’s energy
regulator reviewed how the gas and electricity market was
functioning. Summarising its findings, it noted the possibility
that its rules on pricing had been overly generous to the
network owners.

The report was one of many produced by regulator Ofgem,
tasked by the government with overseeing an industry that was
broken up and sold off by the state during the 1980s and 1990s.
The report went little noticed at the time.

    • 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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