Kraft to face grilling from MPs
The food company will be questioned over its move to Switzerland for tax purposes by the Commons' business, skills and innovation committee
THE DECISION BY Kraft to move to Switzerland for tax purposes will be questioned by MPs today.
The executive vice-president, Marc Firestone, will appear before the Commons’ business, innovation and skills committee following its hostile takeover of Cadbury’s for £11.5bn last year. He will explain the firm’s move to Zurich, announced in December. The company paid £200m in tax in Britain in 2010, and the move led to a sharp reduction in its corporation tax bill, The Times reported.
The committee will demand that Kraft extends its promise to protect UK manufacturing jobs beyond March 2012. The company has already reneged on its promise to keep open Cadbury’s Somerdale plant.
It is not known by how much the move will reduce Kraft’s tax bill.