Britain is to clamp down on tax avoidance by major international companies after a parliamentary committee dubbed efforts by corporations such as Google, Amazon and Starbucks to minimize the amount they pay in the U.K. as "outrageous."
"Global companies with huge operations in the U.K. generating significant amounts of income are getting away with paying little or no corporation tax here," said lawmaker Margaret Hodge, who chairs the public accounts committee. "This is outrageous and an insult to British businesses and individuals who pay their fare share."
All three companies say they comply with U.K. tax laws but the pressure is beginning to tell. Starbucks said Monday it was reviewing its approach to taxes in the U.K. "We have listened to feedback from our customers and employees, and understand that to maintain and further build public trust we need to do more," Starbucks said in a statement, adding that it will release more details later in the week.
The British government is stepping up efforts to close loopholes for big companies as an economic slowdown makes it harder to meet revenue targets and in the face of criticism from voters and local businesses who say they are paying an unfair share of taxes.
Written by Arslan Asif
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