Private Eye have uncovered a further massive Tax dodge from Vodafone.
"£6bn… and then some
The latest major tax avoidance ruse slipped under the public radar because Vodafone stopped setting aside money in its accounts for its offshore disputes in 2006. But the agreement with HMRC, which the company said covers “all outstanding [controlled foreign companies] issues from 2001”, must have cleared the scheme (Vodafone would only say it was “confidential”), letting the company off well over £2bn plus whatever it can funnel through the set-up in future and making the Eye’s initial £6bn estimate of the cost of the dodgy deal look conservative.
The revelation also seems to contradict Hartnett’s repeated assertions that nothing less than the full force of the tax law was applied to the company, since this scheme is if anything more squarely caught by the UK’s tax laws than the Mannesmann arrangement and on its own would have brought in more than £2bn. More troubling questions, then, for the NAO and retired Judge Park."
So, Newbury based Vodafone have yet again swindled us all out of cash. Swindled, because we as a country could have used that money for investment in services, debt payment, or even reducing the tax bill for the poorest. But no, the money goes to shareholders, a good deal of which won't even be in the country. Shame on you Vodafone.