Starbucks is without doubt a Public Interest Entity in the UK.
‘public-interest entities’ means: … Entities designated by Member States as public-interest entities, for instance undertakings that are of significant public relevance because of the nature of their business, their size or the number of their employees.”
£370 million turnover? 0.019% of GDP as turnover – note, turnover and GDP are not the same thing at all. 7,000 employees? 0.02% of labour force?
That’s what is required to be a PIE?
As to this:
Richard Murphy, director of Tax Research, said: “The accounts offer no clear insight as to what is going on. And that is the problem. Starbucks still needs to put all their cards face up on the table in a spirit of transparency and openness and it is still not clear that they are.”
The P³ accountant, superhero, cannot work out what’s happening in a set of accounts?
There are numerous ambiguities in the accounts, including a reported £16 million transfer pricing adjustment that increases UK profits but which Starbucks says has nothing to do with tax, plus significant prior year tax adjustments meaning there is a current tax charge when a significant loss was made. Starbucks, I am told, say there is nothing to see in any of this.
Well, gosh, perhaps cash taxes paid aren’t a good guide to the tax bill concerning any one year then?