Goldman Sachs Tax Deal Reviewed By U.K.

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Goldman Sachs’ deal with U.K. officials that saved the bank as much as $31m in taxes, according to an advocacy group, will be reviewed at a two-day hearing starting Thursday.

Bloomberg reports that the group, UK Uncut, is challenging the deal at a so-called judicial review.

It criticizes the decision by the tax agency, Her Majesty’s Revenue & Customs, to forgive what lawmakers said last year was as much as $15.5m of interest on unpaid tax. UK Uncut argues the amount is closer to $31.1m.

The U.K. government has pledged to clamp down on tax avoidance schemes following widespread media and public anger caused by the amount of corporation tax the likes of Google, Starbucks and Amazon pay in the country. Lawmakers said in a report last week that increased transparency about companies’ tax affairs would build pressure on multinational businesses to 'pay a fair share'.

Hit the link below to access the complete Bloomberg article:

Goldman Sachs Tax Deal Saving $31 Million Reviewed by U.K. Court

Goldman May Receive $38 Million Handling Record Apple Bond Sale

Goldman Names Salisbury Head of Special-Situations Group

 

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