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