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9am Lowdown: McDonalds could face €1bn EU tax avoidance probe

6th May 2015
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9am Lowdown
AccountingWEB

Midweek madness ensues today as Thursday approaches - have you decided who to vote for yet? Or have you already submitted a postal vote?

McDonalds could face €1bn EU tax avoidance probe

The BBC reported the fast food outlet could be facing a European Commission (EU) investigation into its tax affairs.

EU competition commissioner Margrethe Vestager said she is looking into trade union allegations that McDonald's avoided paying more than £658m in corporate taxes between 2009 and 2013.

Unions claim McDonald's diverted nearly €4bn of revenues into a Luxembourg subsidiary staffed by 13 people. McDonald's has rejected the claims.

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Sainsbury's figures slump 

The supermarket giant's figures have dropped to an annual loss for the first time in 10 years. 

According to Sky News, it said most of its pre-tax loss of £72m on a £753m charge it booked in its half-year results in November, mostly related to writedowns on store values.

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Noel Gallagher's accounting advice to former One Direction star 

Former One Direction singer Zayn Malik has received some 'sage' advice from the Oasis star. 

On hearing Malik had quit the world famous boy band, the Oasis star said it's time he invested in a "good accountantaccs stJu -fal0tJu aid" rel="no, the Oaslinlpert__inline"> s -fal0tcJu aid" rel="no, the ss="cos="-s|dattgne"> s -fal0tcJu aid" rel="no, th Stime intp Oa6ygFE1Ju -er(funmedi4mdiv cl/ intiv>u nAa/3hannersg_ost |d:"> a(wPlnersg_ost |s_sel3 wgFMe\ nAiwtpJu imary-na|jmedi4mdiv cl/ intiv>u nAa/3har(funmedi4mdiv cl/ io.uk/sites/default/files/opub |d:ofile/racha_braGtpsrcs="spark-body js-embed-nalsparknd="Myriad Ahne Dihscstylesip|xgi- Conp/p>09 and 2013.