Tesco goes to Zurich for tax break

Tesco has attempted to retain a tax break by moving its CD and DVD operations from Jersey to Zurich.

Pressure from the UK has led to the crackdown on a VAT loophole that allowed retailers to distribute tax free CDs and DVDs from Jersey, reported the FT.

Goods worth less £18 can be imported into the EU without incurring a VAT charge.

Further reading:

Profile: Andrew Higginson, Tesco group finance and strategy director

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