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Vodafone Plc flayed for alleged shifting of profits to Luxembourg from UK operations

By TIOL News Service

LONDON, JUNE 09, 2013: THE telecom giant Vodafone has an uncanny knack to remain in news. Even as it has been trying hard to earn a settlement for its Rs 11000 Cr tax bill in India, it has been reported by all the newspapers here that Vodafone Plc has paid no corporate tax in the UK for the previous financial year.

This fact was revealed when Vodafone released its Annual Report last Friday. The Report has noted that its UK profits have dwindled because of the high cost of buying its third generation (3G) licence. However, it has reported sharp rise in its sales and subscriber-base.

The local media has flayed the telecom giant for paying no tax in the UK whereas it has limited sales in Luxembourg but has reported huge profits. Luxembourg is a known tax haven in Europe. Similarly, it has reported profits and paid tax in Germany.

Its procurement arm Sarl, which purchases telecom equipment for the Group, has posted profits of Euros 215 million for the month ending March 2012 but has paid no tax.

As per Voda Spokesperson, the company has not shifted its profits out of the UK and its Luxembourg business had no bearing on its UK tax liability.

 


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