Starbucks threatens to halt UK investment
Source: AFP |
January 28, 2013, Monday
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Print Edition
Print Edition
STARBUCKS has threatened to suspend millions of pounds of investment in Britain over what it sees as unfair targeting by Prime Minister David Cameron over its tax affairs, according to the Sunday Telegraph.
The paper cited sources close to the coffee giant who said plans to invest 100 million pounds (US$158 million) in new branches in Britain could be put on hold, claiming that the business was being singled out for "cheap shots."
Starbucks bosses reportedly demanded talks with Cameron after he said tax-avoiding companies must "wake up and smell the coffee" - comments seen as a clear swipe at the US chain which has been criticized for not paying enough corporate tax in Britain.
Speaking at the World Economic Forum in Davos on Thursday Cameron said that corporations must "pay their fair share" of taxes as he pledged to use Britain's G8 chairmanship to counter tax avoidance.
"The PM is singling the business out for cheap shots, a company that, it should not be forgotten, has pledged to pay tax now and into the future," a source was cited as saying in the Sunday Telegraph.
Kris Engskov, UK managing director for Starbucks, met with officials at Cameron's Downing Street residence on Friday, amid concerns about the "politicization" of the tax issue, according to the paper.
The paper cited sources close to the coffee giant who said plans to invest 100 million pounds (US$158 million) in new branches in Britain could be put on hold, claiming that the business was being singled out for "cheap shots."
Starbucks bosses reportedly demanded talks with Cameron after he said tax-avoiding companies must "wake up and smell the coffee" - comments seen as a clear swipe at the US chain which has been criticized for not paying enough corporate tax in Britain.
Speaking at the World Economic Forum in Davos on Thursday Cameron said that corporations must "pay their fair share" of taxes as he pledged to use Britain's G8 chairmanship to counter tax avoidance.
"The PM is singling the business out for cheap shots, a company that, it should not be forgotten, has pledged to pay tax now and into the future," a source was cited as saying in the Sunday Telegraph.
Kris Engskov, UK managing director for Starbucks, met with officials at Cameron's Downing Street residence on Friday, amid concerns about the "politicization" of the tax issue, according to the paper.
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