Britain USA reports country Bill Britain USA

Starbucks tax bill plummeted by half last year - despite profits rising by £13m

Reading now: 974
www.mirror.co.uk

Starbucks has been roasted after its tax bill fell by half last year – even though annual profits were up by more than £13million.

Gross profits by the coffee chain’s UK arm rose 24 per cent to £69.9million. But it paid just £1.9million in corporation tax, down from £4million in 2018.

The fall was because of administrative expenses, including £26.4million in royalty pay­ments to the coffee firm’s US parent, which left it with a loss of £6.6million.

Campaigners and MPs want global tax reforms so giant firms pay more in countries where they make their money. George Turner, executive director of Tax Watch, said: “Starbucks made great fanfare of the fact that it moved its headquarters to the UK a few years ago, highlighting that this would lead

Read more on mirror.co.uk
The website celebsbar.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA