Europe, Middle East and Africa Oil and Gas Correspondent
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May 15, 2013

Google to face MPs again over tax

LONDON (Reuters) – Google Inc faces another grilling over its tax affairs from a committee of MPs on Thursday who have called the company back after questions were raised about testimony given in an earlier hearing.

Corporate tax avoidance has become a major issue in Britain, where there are concerns over rising government debt and accusations from MPs that the UK tax authority has adopted a light touch approach to taxing big businesses.

May 15, 2013

Google to face UK lawmakers again over tax

LONDON (Reuters) – Google Inc faces another grilling over its tax affairs from a committee of British lawmakers on Thursday who have called the company back after questions were raised about testimony given in an earlier hearing.

Corporate tax avoidance has become a major issue in Britain, where there are concerns over rising government debt and accusations from lawmakers that the UK tax authority has adopted a light touch approach to taxing big businesses.

May 15, 2013

Amazon UK pays $3.7 million tax on $6.5 billion sales

LONDON (Reuters) – Amazon.com’s main UK unit paid $3.7 million of taxes on its 2012 income, it said on Wednesday, despite group UK sales of $6.5 billion (4 billion pounds), prompting criticism from lawmakers and competitors.

Amazon.co.uk Ltd added in its accounts, published through the UK companies register, that it received 2.5 million pounds in government grants during 2012 – just ahead of the 2.4 million it paid in corporation tax, the UK form of corporate income tax.

May 15, 2013

Amazon UK pays $3.7 mln tax on $6.5 bln sales

LONDON, May 15 (Reuters) – Amazon.com’s main UK
unit paid $3.7 million of taxes on its 2012 income, it said on
Wednesday, despite group UK sales of $6.5 billion (4 billion
pounds), prompting criticism from lawmakers and competitors.

Amazon.co.uk Ltd added in its accounts, published through
the UK companies register, that it received 2.5 million pounds
in government grants during 2012 – just ahead of the 2.4 million
it paid in corporation tax, the UK form of corporate income tax.

May 9, 2013

MPs set date for Google, Ernst & Young tax grilling

LONDON (Reuters) – A panel of MPs will next week grill representatives from Google Inc and its auditor Ernst & Young, following a Reuters report which highlighted inconsistencies in Google’s statements about its UK activities.

The Public Accounts Committee (PAC) said on its website that the representatives would testify on Thursday May 16.

May 9, 2013

UK lawmakers set date for Google, Ernst & Young tax grilling

LONDON, May 9 (Reuters) – A panel of UK lawmakers will next
week grill representatives from Google Inc and its auditor Ernst
& Young, following a Reuters report which highlighted
inconsistencies in Google’s statements about its UK activities.

The Public Accounts Committee (PAC) said on its website that
the representatives would testify on Thursday May 16.

May 9, 2013

KPMG faces two probes from accounting watchdog

LONDON, May 9 (Reuters) – Britain’s accounting regulator
said it had launched two investigations into auditing firm KPMG,
one in relation to its audit of car dealer Pendragon and
another in relation to a partner’s holding of shares in a client
company.

The Financial Reporting Council (FRC) said it was looking at
whether KPMG was independent when it audited Pendragon’s
financial statements for 2010 and 2011, without providing
further detail.

May 8, 2013

HMRC sees risk in changing corporate avoidance rules

LONDON (Reuters) – The UK’s tax authority has said international tax rules currently under review for failing to tackle tax avoidance can be of benefit to Britain and there are risks in changing them.

Her Majesty’s Revenue & Customs (HMRC) says in a news briefing document the rules on transfer pricing – the method of pricing transactions between affiliates of a multinational group – allow UK groups to receive income from their overseas affiliates without tax being deducted at source. Such income can then be subject to UK tax.

May 8, 2013

UK tax authority sees risk in changing corporate avoidance rules

LONDON (Reuters) – The UK’s tax authority has said international tax rules currently under review for failing to tackle tax avoidance can be of benefit to Britain and there are risks in changing them.

Her Majesty’s Revenue & Customs (HMRC) says in a new briefing document the rules on transfer pricing – the method of pricing transactions between affiliates of a multinational group – allow UK groups to receive income from their overseas affiliates without tax being deducted at source. Such income can then be subject to UK tax.

May 8, 2013

UK tax authority sees risk in changing corporate avoidance rules

LONDON (Reuters) – The UK’s tax authority has said international tax rules currently under review for failing to tackle tax avoidance can be of benefit to Britain and there are risks in changing them.

Her Majesty’s Revenue & Customs (HMRC) says in a new briefing document the rules on transfer pricing – the method of pricing transactions between affiliates of a multinational group – allow UK groups to receive income from their overseas affiliates without tax being deducted at source. Such income can then be subject to UK tax.

    • 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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