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 Post subject: Non taxpaying STARBUCKS hand out bonuses
PostPosted: Mon Nov 19, 2012 3:55 am 
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Four bosses of 'unprofitable' Starbucks get £50m reward: Largesse of coffee chain that hasn't paid any UK tax in three years

The quartet also own shares worth a combined £563.7million
Starbucks has only posted a profit from UK business once in 15 years
Paid a total of £8.6m corporation tax in 14 years, with nothing in last three





Four bosses at Starbucks have walked away with £50million in pay despite the coffee chain having paid no corporation tax in Britain over the past three years, it has been reported.

Documents filed on the firm’s website show the quartet managed to receive handsome fees over the past three years as well as owning shares worth a combined £563.7million.

While Starbucks has been trading healthily in recent times, it has managed to post a profit from its UK business only once in 15 years, according to reports.

Starbucks has been trading welll but it has posted a profit from its UK business only once in 15 years
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And it has paid a total of just £8.6million corporation tax in 14 years, with nothing in the last three.

Some of this is due to the legal practice of writing off the costs of growing a business against tax, and the payment of royalties for the use of technology to a parent company.


More...

Starbucks buys Teavanna for $620million saying that 'the tea category is ripe for reinvention'
There is something profoundly wrong with a Britain where only the 'little people' pay taxes
The 'immoral' tax avoiders: Amazon, Starbucks and Google lashed by MPs over elaborate schemes that deprive Britain of millions

But the firm has been able to pay handsome wages to its most senior staff over the past three years.

It was reported that finance chief Troy Alstead, who owns £6.8million of shares, was paid £5.7million, and founder Howard Schultz £33million – he also owns shares, worth £545million.
Paid handsomely: UK director John Culver was paid £3.8million over two years and owns £4.7million in shares

Paid handsomely: UK director John Culver was paid £3.8million over two years and owns £4.7million in shares

Ex-UK boss Cliff Burrows who now oversees the firm’s Americas operation and has shares worth £7.2million, earned £6.5million. UK director John Culver was paid £3.8million over two years and owns £4.7million in shares.

Last week Starbucks, Amazon and Google were slammed over measures they have taken, within the law, to reduce their tax liabilities.
Ex UK boss Cliff Burrows now oversees the firm's Americas operation and has shares worth £7.2million. He earned £6.5million over the past three years

Ex UK boss Cliff Burrows now oversees the firm's Americas operation and has shares worth £7.2million. He earned £6.5million over the past three years

Bosses of the three giants were grilled by MPs over how they managed to pay little or no corporation tax on their UK operations. All three denied they were engaged in aggressive tax avoidance.

Business secretary Vince Cable yesterday indicated that action can be expected from Chancellor George Osborne, who delivers his Autumn statement on December 5.

Speaking on BBC1, Mr Cable told The Andrew Marr Show: ‘Our own tax authorities have got to be very tough on things like royalty payments, which is where a lot of the subterfuge takes place.’

He said it was ‘completely unacceptable where there is systematic abuse taking place’.

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Howard Schultz was paid £33million on top of the £545million worth of shares he already has

‘Starbucks claims they are actually making losses in the UK,’ he added. ‘I don’t know whether they are or not. But you would need some pretty intensive investigation by the Inland Revenue to establish what exactly is going on, whether their transfer prices and their royalties are being fiddled or not.’

Last week Andy Street, managing director of John Lewis, warned that firms based in overseas tax havens could ‘out-invest and ultimately out-trade’ rival businesses paying full taxes in the UK.

A Starbucks spokesman said: ‘Corporation tax is a tax on profits and although we would very much like to and are moving in the right direction, we just don’t make a profit in the UK yet.
Finance chief Troy Alstead, who owns £6.8million of shares, was paid £5.7million

‘Starbucks does however pay a number of other taxes in the UK. For example, we directly contribute more than £25million to £30million per year to the Exchequer in various taxes, including employers’ National Insurance contributions and business rates.’

HM Revenue and Customs has nearly doubled its estimate of unpaid tax on executive pay to up to £400million, compared with last year.

Bosses at Britain’s 700 largest businesses are being investigated using new powers. Jason Collins, a partner at law firm Pinsent Masons, said: ‘HMRC has increased its focus on executives.’


Read more: http://www.dailymail.co.uk/news/article ... z2CdK9dF8N

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