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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.

* * * 

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.

* * *

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 accountant because life is very <expletive> long".

Good advice, Noel. 

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By JC
06th May 2015 09:45

EU should nail the countries concerned – Luxembourg …

Isn’t it about time the EU dealt with the countries concerned –

Oh! Sorry – Luxembourg is Jean-Claude Juncker home country and one of the worst offenders - so clearly nothing will be done on this front

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

May seem an obvious question but why are these tax haven countries allowed to profit at the expense of their EU partners?

EU corruption/vested interests raise their head again - is it any wonder that some in the UK want nothing more to do with the EU

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