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Major UK companies cut secret tax deals in Luxembourg
BBC – Major UK-based firms cut secret tax deals with authorities in Luxembourg to avoid millions in corporation tax in Britain, the BBC’s Panorama has found. The programme obtained confidential tax agreements detailing plans to move profits off-shore to avoid what was a 28% corporate tax rate at the time. Those involved include pharmaceutical giant GlaxoSmithKline (GSK) and media company Northern Shell. Both firms told the programme they have a duty to be tax efficient. Read Article
Tags: debt wealth, Europe, nature of corporations
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