Facebook has emerged as the latest American company implicated in an unethical, complex tax-avoidance scheme. Mark Zuckerberg appears to be making a desperate attempt to show maximum profitability after Facebook’s botched IPO earlier this year. Mr. Zuckerberg’s scheme involves funneling all non-U.S. world-wide income through the Republic of Ireland. From there, he executes the “double Irish” which results in profits are diverted to the Cayman Islands. Last year, Facebook paid just £238,000 on estimated income of £175m.
The giant American coffee chain, Starbucks, has paid zero tax in the UK for the last three years on annual sales of £400m. In the 15 years that it has been operating in Britain, Starbucks has declared profitable income only once. Starbucks does this by conspiring with it’s foreign affiliates to divert British profits overseas before they can be taxed. Starbucks declares on their corporate website that,
“we’ve always believed that businesses can – and should – have a positive impact on the communities they serve.”
Clearly, this is a false and cynical statement.
BE READY – THE REVOLUTION IS COMING – RESIST THE OBAMA-BUSH REGIME