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Monday, June 24, 2013

Shades of Mitt Romney: Starbucks Forgoes Deductions, Pays $15 Million U.K. Corporate Tax

Starbucks LogoFollowing up on recent posts (links below):  Bowing to public pressure over not paying any U.K. corporate tax for the past five yars, Starbucks announced yesterday that it is foregoing various deductions to which it is entitled in order to pay £10 million ($15 million) in U.K. corporate taxes:  "Our customers should not have to wait for us to become profitable before we started paying U.K. Corporation Tax."

Prior TaxProf Blog coverage:

http://taxprof.typepad.com/taxprof_blog/2013/06/shades-of-mitt-romney-.html

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Comments

Will IRS allow a foreign tax credit for this?

Posted by: Bob | Jun 24, 2013 8:42:33 PM

I hope not. It's like making a contribution to a foreign charitable organization (rarely can you deduct them).

Posted by: Donna | Jun 26, 2013 5:26:02 PM