Starbucks threatens to suspend million pounds of investment in Britain
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Starbucks threatens to suspend million pounds of investment in Britain

Last Updated: Sunday, January 27, 2013, 15:04
 
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Starbucks threatens to suspend million pounds of investment in Britain
London: Starbucks has threatened to suspend millions of pounds of investment in Britain and the therat comes after what the US-owned coffee chain described as constant and unfair attacks over its tax affairs by British Prime Minister David Cameron’s Government.

Kris Engskov, the multinational’s UK managing director, demanded talks at Downing Street after Cameron said tax-avoiding companies had to “wake up and smell the coffee”.

According to the Telegraph, Cameron’s use of the phrase at the World Economic Forum in Switzerland last week was taken as a direct attack on Starbucks which has been criticised for not paying corporation tax in Britain.

Engskov was so concerned about the ‘politicization’ of the tax issue that he asked for the talks at No 10, where he met officials last Friday.

Starbucks has argued that it made no profits in the UK and so is not required to pay the tax.

The US coffee chain has found itself under regular attack after it was disclosed that since its arrival in Britain in 1998 has paid 8.5 million pounds in corporation tax, despite total sales of 3 billion pounds, the report added.

ANI



First Published: Sunday, January 27, 2013, 15:04


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