Vodafone CFC bill due next year

Vodafone CFC bill due next year

Controlled foreign companies tax bill could impact in 2007-8 accounts, says CFO

Vodafone expects its potential £2bn controlled foreign companies (CFC) tax
liability will become due as early as next year.

Speaking at the announcement of its preliminary results, CFO Andy Halford
said: ‘If we had to pick a year [it] would be the 2007-8 year.’

Vodafone disclosed last year that the group was facing a potential £5bn tax
liability from various tax authorities.

Halford gave an update on the situation today, disclosing the group expected
‘roughly a £5bn expense’.

‘The biggest single case is the CFC case, probably for £2bn or a bit more.
The remaining £3bn [will fall] probably fairly evenly over the three-year
period.’

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