Major firms quizzed over tax
Starbucks, Google and Amazon are bring questioned by MPs on the Public Accounts Committee on the issue of tax avoidance. The multinational firms are accused of paying little or no tax on their UK earnings.
MPs to grill Amazon on tax
Amazon bosses are set to face though questions from the Commons Public Accounts Committee inquiry today over their tax strategies.
Amazon's main UK unit paid less than £1 million in income tax last year. The company had UK sales worth $5.3-7.2 billion, filings show.
Amazon allegedly avoids UK taxes by reporting European sales through a Luxembourg-based unit.
This structure allowed it to pay a tax rate of 11 percent on foreign profits last year - less than half the average corporate income tax rate in its major markets, the report found.
-
MPs grill companies over 'immoral' tax avoidance
Big brands Amazon, Starbucks and Google were questioned by MPs today on their entirely legal tax avoidance methods.
-
Why MPs can't be too outraged at US giants' tax affairs
MPs will today pour scorn at the UK tax affairs of the likes of Amazon and Starbucks, despite setting the rules within which they operate.