Wednesday, February 6, 2019
Tax Justice Network, One in Nine US Multinationals Fail to Comply With Tax Transparency Law:
Analysis of more than 600 US multinational corporations has revealed that 12 per cent failed to comply with UK law requiring them to publish their tax strategies. With the UK estimated to lose £25 billion in corporate tax revenue each year due to multinational corporations shifting profits out of the country, campaigners are calling on the UK government to enforce the law fairly and to also make use of a more rigorous transparency legal power that the government acquired in 2016 but has so far shied away from exercising.
The Tax Justice Network has identified 71 US multinationals operating in the UK and handling hundreds of millions of pounds each year for which public tax disclosures could not be found. These companies included Hewlett Packard Enterprise, Wayfair, UPS, Clorox and Delta Airlines. Altogether, the 71 noncompliant US multinationals had a UK revenue of over £10.4 billion in 2017.
(Hat Tip: Jeff Hoopes)