{"id":2536,"date":"2008-06-08T13:31:51","date_gmt":"2008-06-08T12:31:51","guid":{"rendered":"http:\/\/www.ethicalquote.com\/index.php\/2008\/06\/08\/tesco%e2%80%99s-tax-every-penny-counts\/"},"modified":"2008-06-10T15:21:00","modified_gmt":"2008-06-10T14:21:00","slug":"tescos-tax-every-penny-counts","status":"publish","type":"post","link":"https:\/\/www.covalence.ch\/index.php\/2008\/06\/08\/tescos-tax-every-penny-counts\/","title":{"rendered":"Tesco\u2019s tax: Every penny counts?"},"content":{"rendered":"<p><a href=\"http:\/\/www.accountingweb.co.uk\/cgi-bin\/item.cgi?id=184544&amp;d=1025&amp;h=1019&amp;f=1026\" target=\"_blank\" title=\"080608_tesco.jpg\"><img decoding=\"async\" src=\"http:\/\/www.ethicalquote.com\/newTemplate\/wp-content\/uploads\/2008\/06\/080608_tesco.jpg\" title=\"080608_tesco.jpg\" alt=\"080608_tesco.jpg\" align=\"right\" \/><\/a>Following Tesco\u2019s recent <a href=\"http:\/\/www.accountingweb.co.uk\/cgi-bin\/item.cgi?id=181984&amp;d=1025&amp;h=1020&amp;f=1026&amp;dateformat=%25o%20%25B%20%25Y\">legal wrangle<\/a> with the <em>Guardian<\/em> over allegations of corporation tax avoidance, the retailer\u2019s tax affairs have one again hit the headlines. It turns out that the retailer is engaging in corporation tax avoidance schemes, after all. <em>Private Eye<\/em> has uncovered what it terms as \u201canother complex web of offshore operations\u201d which features a Tesco owned UK LLP with branches in Hungary, the Irish Republic and Zug, where corporation tax is only 6%. The structure is believed to have deferred, if not saved the retailer millions in UK taxes. Tesco denies any wrong doing, it says that the unusual set-up is designed to fund its overseas businesses, and is just \u201cfinancial planning\u201d which is compliant with the UK\u2019s controlled foreign companies (CFC) legislation. It points out that it is one of the UK&#8217;s largest taxpayers. Tax expert and regular Accountingweb.co.uk contributor Simon Sweetman points out that \u201cGiven the scale of its profits, it would be astonishing if it were not. It also manages to include its payments of PAYE and NIC which are not of course burdens that it bears: it merely acts as a collector here.\u201d Image source: sba.microsoft.com.       &gt; <a href=\"http:\/\/www.accountingweb.co.uk\/cgi-bin\/item.cgi?id=184544&amp;d=1025&amp;h=1019&amp;f=1026\" target=\"_blank\">Continue<\/a>.<\/p>\n<p>News selected by Covalence <span class=\"LinkBlueTransMedium\">| Country: UK<\/span><span class=\"LinkBlueTransMedium\"> | Company: <\/span><font class=\"tdtext\"><a href=\"http:\/\/www.ethicalquote.com\/newTemplate\/index.php\/ethicalquote\/?value=4\">Tesco<\/a><\/font><span class=\"LinkBlueTransMedium\"><\/span><span class=\"LinkBlueTransMedium\"> | <\/span>Source: <a href=\"http:\/\/www.accountingweb.co.uk\/cgi-bin\/item.cgi?id=184544&amp;d=1025&amp;h=1019&amp;f=1026\" target=\"_blank\">Accounting Web<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following Tesco\u2019s recent legal wrangle with the Guardian over allegations of corporation tax avoidance, the retailer\u2019s tax affairs have one again hit the headlines. It turns out that the retailer is engaging in corporation tax avoidance schemes, after all. Private Eye has uncovered what it terms as \u201canother complex web of offshore operations\u201d which features&hellip;<\/p>\n","protected":false},"author":665,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"wds_primary_category":0,"wds_primary_post_series":0,"footnotes":""},"categories":[1],"tags":[110],"post_series":[],"class_list":["post-2536","post","type-post","status-publish","format-standard","hentry","category-news","tag-tesco","entry","no-media"],"_links":{"self":[{"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/posts\/2536","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/users\/665"}],"replies":[{"embeddable":true,"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/comments?post=2536"}],"version-history":[{"count":0,"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/posts\/2536\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/media?parent=2536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/categories?post=2536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/tags?post=2536"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/www.covalence.ch\/index.php\/wp-json\/wp\/v2\/post_series?post=2536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}