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| Link to The Independent |
"One of the largest suppliers of drugs to the NHS escaped paying any tax to the UK Government last year, it has emerged.
"Pfizer, the company behind the best-selling drug on the UK market, Lipitor, and impotence drug Viagra, had a turnover of £1.8bn on its sales in the UK last year. But despite its huge business in this country, the accounts of the company's British-based subsidiary suggest it made an operating loss of £59m in 2011 and £46m in 2010.
"Critics say Pfizer's operating loss is this country is typical of the way in which large multi-national companies are systematically able to legally avoid paying tax by piling costs into high tax jurisdictions, while reporting profits in low tax havens."
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| Link to web site |
The Guardian:
"How to have an Amazon-free Christmas … and save money"
"Amazon, Britain's biggest online retailer, is undeniably cheap. But in the three years in which it amassed £7bn in UK sales, it paid no corporation tax on any of the profits from that income. So can consumers worried about tax avoidance – albeit entirely legal – shop elsewhere without having to face higher prices? Money went shopping and found it is surprisingly easy to enjoy an Amazon-free Christmas, yet still save money.
"... Help is on the way from accountant Richard Murphy of Tax Research, an anti-poverty campaigner and tax expert who is preparing a guide for consumers naming the shops where you can buy safe in the knowledge that tax is being paid, while shaming the tax avoiders."
The Observer:
"Water companies pay little or no tax on huge profits"
"Three of Britain's biggest water companies paid little or no tax on their profits last year while generously rewarding their executives and investors, the Observer can reveal. Thames Water and Anglian Water paid no corporation tax on the profits made from their utility businesses while Yorkshire Water kept its payments to the Revenue in the low millions.
"All the companies made hundreds of millions of pounds in operating profits and some have rewarded their senior executives with performance-related bonuses and investors with huge dividends. Martin Baggs, the chief executive of Thames Water, which enjoyed a £76m tax rebate in 2012, was given a bonus of £420,000 on top of his £425,000 salary, and is in line for a further windfall of £1m based on company performance through to 2015.
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