UK: Wonga accused of attempting to avoid tax by shifting part of business to Switzerland; payday lender denies claims

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Article
12 October 2013

Wonga denies tax avoidance as head of HMRC is to be recalled to Parliament over failure to collect £4.7bn from UK businesses

Author: This is Money (UK)

Payday lender Wonga was accused...of shifting parts of its business to Switzerland in a move that could help it to avoid paying millions in corporation tax...Corporation Watch claimed the UK’s largest payday lender had moved £35million of its UK revenues under the guise of ‘fees’ to a sister company [WDFC] in Switzerland...where foreign firms can pay as little as 1 per cent tax on their profits, despite not offering loans in the country...Wonga said there had been ‘no attempt or intention to reduce our UK corporation tax liability, through these or any other inter-company transactions’ [refers to Amazon, Google, Starbucks]

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Article
24 January 2013

Tax avoidance - an introduction

Author: compiled by Business & Human Rights Resource Centre

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