|
|
07 Oct 2010
Asda has settled a £115m tax battle with HM Revenue & Customs after the
supermarket chain claimed deductions on excessive royalties paid to its
parent Walmart.
However, the payment is tax neutral because parent company Walmart will claw back the tax in the US, the Daily Telegraph reported.
The tax charge was revealed in Asda's 2009 results, filed yesterday at Companies House.
Asda said the tax correction was a one-off issue and followed talks with US and UK tax authorities over several years.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment