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Controversy As Vodafone Books £18Bn Credit From Tax Losses

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http://www.independent.co.uk/news/business/news/controversy-as-vodafone-books-18bn-credit-from-tax-losses-8935803.html

Vodafone has triggered a fresh controversy over its tax arrangements after claiming a colossal £17.67bn in tax losses that helped its half-year profits rocket.

Much of the tax loss – £15.83bn – arose from its Luxembourg subsidiary which has been criticised in the past by anti-tax avoidance campaigners.

The mobile giant dismissed suggestions it was avoiding tax, however, and insisted the move "does not change the amount of tax we pay in cash anywhere in the world".

Pre-tax profit in the six months to September was £1.51bn but the deferred tax losses sent post-tax profit soaring to £15.71bn.

The FTSE 100 firm's decision to claim the historic tax losses – £15.83bn from Luxembourg and £1.84bn from Germany – risks turning the spotlight back on Vodafone's complex financial arrangements.

An impressive accounting feat. I wish I could boost my own income in the same way.

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An impressive accounting feat. I wish I could boost my own income in the same way.

Indeed. Tax losses through this loophole exceed George Osbourne's entire Austerity program.

Of course, Vodaphone could try running the entire UK service using a gigantic radio mast erected in Luxembourg, which would justify booking all those revenues there..

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