Revenue recovers £37m from Nissan
The Inland Revenue has recovered almost £37m from Japanese car manufacturerNissan in a dispute over corporation tax.
The Inland Revenue has recovered almost £37m from Japanese car manufacturerNissan in a dispute over corporation tax.
Link: Tax ruling may cost Revenue billions
The settlement came after the taxman threatened court action amid claims that Nissan was shifting profits abroad from its Sunderland plant.
Investigators are now set to target their attention on two other Japanese manufacturers, Honda and Toyota, to pursue similar claims.
The Revenue claims that the car manufacturers’ accounting and transfer pricing techniques have been at the expense of the Exchequer.
Other global companies could follow suit, as the Revenue is on a drive to increase revenues from companies with complex and sophisticated tax operations.