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Press watch: Tax havens and multinationals

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‘If some tax avoidance is a fact of global competition, the challenge for firms is to protect their reputation … The awkward truth is some companies do have something to hide. One leading chief executive talks about “the hollowing-out of UK operations by British companies”, which he describes as “clandestine”. He reels off a string of FTSE 100 firms that have their tax HQ in the UK but have moved key departments such as procurement or brand rights to low-tax jurisdictions.’
Gideon Spanier: Evening Standard 24 Jan

‘The tax-efficient part of [tax-efficient supply chain management] lies mainly in the choice of location of the hub. In the US or Japan, profits might be taxed at more than 40%. In Singapore or Switzerland, as low as 5-10%. In Dubai or Bahrain, zero … Tax is a cost like any other and leaders of multinationals would be rightly criticised if they did not take it into account.’
Stuart McDougall, Head of UK Tax Efficient Supply Chain Management at KPMG:
Financial Times 25 Jan