September 19 2014 Latest news:
Thursday, December 6, 2012
Coffee giant Starbucks today said it expects to pay “somewhere in the range of £10m” in UK corporation tax for each of the next two years.
The announcement comes after it emerged Starbucks paid just £8.6m in corporation tax in 14 years of trading in Britain and nothing in the last three years.
Starbucks UK managing director Kris Engskov told the London Chamber of Commerce that changes to its tax arrangements will see the firm pay above what is required by law.
Mr Engskov said the proposal had not been discussed with HM Revenue & Customs, adding: “With the backdrop of these difficult times, in the area of tax, our customers clearly expect us to do more.”
Phones 4u is to go into administration - placing more than 5,500 jobs at risk - after network operator EE joined Vodafone in cutting ties with the retailer.