Sunday Times newspaper has investigated and reported as Mondelez International (formerly known as Kraft Foods)-the biggest in North America and the second largest worldwide producer of food avoid paying taxes.
According to the Sunday Times, the Cadbury owner – Mondelez International Company (formerly known as Kraft Foods), legally evaded taxes in the amount of tens of millions pounds into the coffers of the state, since its acquisition of the confectionery giant Cadbury five years ago (the amount of the transaction on purchase Cadbury was £ 11,5 Bln.) Mondelez Company did not pay income tax to the treasury of the United Kingdom in 2014.
According to the Sunday Times, the company legally avoids paying taxes by offsetting interest payments on unsecured loans in the sum of £ 8.2 billion in damages. Interest paid on the loan may be compensated for loss of earnings at other companies.
Such legal agreement meant that Mondelez did not pay UK corporation tax, despite the fact that the profits of its subsidiary Cadbury was £ 96.5 million in 2014 and £ 83.6 million in 2013.
Margaret Hodge, the chairman of the Chamber of the group responsible for the taxes, told that companies deliberately export their profits “artificially” to avoid taxes, and stated that such rules established by leaders in multinationals will not lead to anything good for them.
In its defense, the representatives of Mondelez expressed that comply with all the requirements of the legislation, and added that the company made a significant contribution to the UK economy in the sum of £ 1.86 billion in the period of 2013 – 2014.
Source: www.theguardian.com
Microsoft has accused a group of hackers from China of attacking its mail server software. According to the company, the hackers “with a high degree of probability” were members of the Hafnium group. This group is probably funded by the state and operates outside China. In particular, the hacking campaign used four previously undiscovered vulnerabilities […]
The American company Google on Wednesday, March 3, announced its intention to abandon tracking the individual activity of users. Instead, the Internet giant will introduce new technologies that protect users’ privacy and allow advertising to be targeted without gathering information about them. “People don’t have to accept that their online activity is tracked to benefit […]
Over the past three years, the number of vacancies in the world has tripled with a four-day working week. Their number increased to 62 per 10,000. It is noted that the effectiveness of the reduced working week is also confirmed by the results of research conducted by the British think tank Autonomy. “The four-day week […]
On March 4, the social network Facebook lifted the ban on showing political advertising, which was imposed after the November US presidential election. We introduced this temporary ban after the November 2020 elections to avoid confusion or abuse after the Election Day. Unlike other platforms, we require authorization and transparency not only for political and […]
The National Bank did not participate in trading on the interbank foreign exchange market this week, the regulator’s press service reports. In addition, the central bank did not go to the interbank market last week. Moreover, in the first two weeks of February, the NBU bought $ 200 million to curb the strengthening of the […]
Representatives of Ukrainian business improved their assessments of the economic condition of their enterprises and prospects in February. This follows from a monthly survey of Ukrainian enterprises, the results of which on Monday, March 1, according to the National Bank of Ukraine (NBU). It is noted that this happened in response to the weakening of […]
Facebook is considering the introduction of face recognition technology in smart glasses, which is currently working, writes CNBC, citing the words of the head of hardware Andrew Bosworth. According to him, this feature can be added if customers need it. He added that if people do not need this technology, then use it in the […]
The new Ukrainian low-cost carrier Bees Airline registered its first two aircraft in Ukraine – a Boeing 737-800. “This is a Boeing 737-800 with flight numbers of the Ukrainian register UR-UBA and UR-UBB. The State Aviation Service issued registration certificates for them on February 22 and 23, 2021,” the statement reads. It is noted that […]
The “Milkiland” dairy group with assets in Ukraine, Russia and Poland completed the registration of one Polish and two Panamanian subsidiary trading companies in the first quarter 2016. According to the report of the group on the site of the Warsaw Stock Exchange, in Poland was registered UA TRADE Sp.zo.o., in Panama – Newholm Systems […]
Next“Petrikov milk” dairy complex got the status of a pedigree farm on breeding Holstein cattle in the area of ??dairy cattle breeding, said the press service of the UkrAgroCom and Hermes-Trading, which owns the complex. This status is assigned to the order of the Ministry of Agrarian Policy and Food of Ukraine on December 30, […]
NextSaturday morning in the company of LDaily and our traditional surveys of the most prominent, important and interesting events in the world of business in a week – is a great chance to start the day not only pleasantly , but also with the use. After all, the information is always an advantage, the quality […]
NextInternational Court of Arbitration in New York in a dispute between the UMH – the Ukrainian publisher of “Forbes Ukraine” magazine, and the Forbes Media, LLC American publishing house ruled in favor of the latter on April, 20, and revoked the license of Forbes Ukraine, said in Forbes Media, LLC to the publication LІGA.net UMH […]
NextCosco is the world’s leading container carrier that is the only candidate to bit for the purchase of 51% stake in the state port of Piraeus in Greece. The sale will help to generate hundreds million of euros for Greece, which is experiencing significant financial difficulties , therefore is engaged in the sale of State […]
NextThe State Property Fund of Ukraine sold the Sukhodol distillery in the Lviv region to a private investor for UAH 60.3 million. This was reported by the state concern Ukrspirt, which included the company. The starting price at the auction increased 2.8 times, starting from UAH 21.7 million, Ukrspirt said. Sukhodolsk distillery became the sixth […]
NextTUI will receive another 1.2 billion euros in state aid in connection with the effects of the coronavirus pandemic, the press service of the travel concern said. “The € 1.2 billion stabilization package strengthens the group’s position, providing sufficient liquidity in an unstable market environment. This applies to both the tourist season of the winter […]
NextUkraine has acceded to the Protocol about record of revisions to European agreement for international highway carriage of dangerous materials. It is reported by UKRINFORM. 234 national deputies supported the adoption of the bill. As noted during the presentation of the document in Verkhovna Rada Anastasiia Deeva (Deputy Minister of Internal Affairs), Ukraine acceded to the […]
NextAccording to Bloomberg, a source familiar with the situation, German manufacturer of sportswear and accessories Adidas AG is considering the possibility of selling its brand Reebok. “In the coming months, the company will decide whether to start the sale process,” the source said. According to the interlocutor of the agency, the internal assessment of sales […]
NextAMC Entertainment Holdings, which owns the world’s largest network of cinemas, presented its financial report for the third quarter of 2020. His company ended with a net loss of $ 906.5 million – 16.5 times worse than last year. In the third quarter, the company’s cinemas began to reopen after a five-month of lockdown due […]
NextAccording to the Investor`s news, in 2020, the volume of transactions worldwide mergers and acquisitions (M & A) totaled $ 1.97 trillion. The publication noted that major transactions between IT-companies account for almost one fifth of the total. According to the global data provider and stock market infrastructure Refinitiv, the volume of the deals of […]
NextWith the appearance of an effective vaccine against coronavirus and the subsequent recovery of the world economy, the US dollar may fall by 20%. This was reported by the Financial Times. It is noted that banks, which already had negative forecasts for the dollar next year, deteriorated expectations against the background of the emergence of […]
NextThe largest American agricultural company Cargill suspends the sale of seeds, fertilizers and chemicals in the Black Sea region, including Ukraine, Russia, Romania, Hungary, Bulgaria and Poland. According to the information of the “Interfax-Ukraine”, after a comprehensive review of its grain and oilseed business in the Central and Eastern Europe, the Cargill decided to stop […]
NextThe tripartite international project will be directed to the implementation of woods full state accounting and maintaining the state forest inventory. Kristina Yushkevich,acting chairman of the State agency of forest resources, held a meeting with the Michael Kharms director of Committee of the East European economic relations (Germany) and the Mikael Sutter representative of environmental […]
NextHarley-Davidson Inc., the largest motorcycle manufacturer in the United States, has announced its plans to cut about 700 jobs worldwide as part of a global business reorganization caused by the economic crisis due to the coronavirus pandemic. According to the company press release, the restructuring plan expected to reduce its global staff by about 13% […]
NextCommodity Futures Trading Commission USA announced the application of penalties in respect of the American division of the oil company Total. The company is accused of fraud in the gas market in the USA, in an attempt to carry out manipulations with the index monthly gas prices in Houston and other markets in the United […]
Next