Starbucks Corp. said it will pay "a significant amount" of corporation tax in the U.K. in 2013 and 2014 after the world's largest coffee-shop operator came under fire by lawmakers for not paying any corporation tax there.
"We are making a commitment that we will propose to pay a significant amount of corporation tax during 2013 and 2014 regardless of whether our company is profitable during these years," according to the text of a speech to be given today at the London Chamber of Commerce by Kris Engskov, managing director of Starbucks U.K. "We are still working through some of the calculations, but we believe we could pay or prepay" about 10 million pounds ($16.1 million), he said.
Starbucks, which has been closing underperforming stores in the U.K. this year, has pledged to build trust in the nation after being criticized by British lawmakers for not paying any tax for the past three years. There has been no suggestion that Seattle-based Starbucks has broken the law. The company has about 760 stores in the U.K.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
