US Fashion Giant Gap Embroiled In British Tax Bill Row
by MR Magazine Staff
Feb 11, 2016
Fashion giant Gap is the latest US household name to face major questions over its use of complex financial engineering that minimizes its tax bill in Britain. The multinational retailer, which trades on its wholesome West Coast image, has paid almost no corporation tax — once rebates are taken into account — since 2011 despite sales of more than £1 billion, according to a new analysis of its “opaque” accounts. It follows the huge row last month after it emerged that Google has struck a “sweetheart” deal with British tax authorities to pay £130 million in back taxes covering 10 years. Read more at Evening Standard.
