Do Any Corporations Anywhere Pay Taxes?
U.S.-based corporations such as Apple and GE have come under fire for (legally) cheating the tax man, and such behavior turns out to be common beyond American borders.
It is being reported that Vodafone, the nominally British mobile corporation, will announce Monday that it is selling its 45 percent stake in Verizon Communications for $130 billion. But, as the BBC reports, not one quid will go to the British public. That’s because the sale is for an American product tangled up with a holding company in the Netherlands. In other words, clever accounting wins again.
Vodafone had close to $72 billion in revenue in 2012. Verizon Wireless is the largest and most expensive mobile service provider in the United States.
— Posted by Peter Z. Scheer