How Starbucks Avoids UK Taxes

HOW STARBUCKS AVOIDS UK TAXES   The U.S. based Starbucks group is the second-largest restaurant or cafe chain globally after McDonald's. Accounts filed by its UK subsidiary show that since it opened in the UK in 1998 the company has racked up over 3 billion pounds ($4.8 bn) in coffee sales, and opened 735 outlets but paid only 8.6 million pounds in income taxes, largely because the taxman disallowed some deductions. Over the past three years, Starbucks has reported no profit, and paid no income tax, on sales of 1.2 billion pounds in the UK. McDonald's, by comparison, had a tax bill of over 80 million pounds on 3.6 billion pounds of UK sales. Kentucky Fried Chicken incurred taxes of 36 million pounds on 1.1 billion pounds in UK sales. read more   LEAD STORIES RIL Q2 NET DOWN 5.7% AT RS 5,376 CR ON POOR GAS OUTPUT   Reliance Industries profit dropped for 4th consecutive quarter. Sales increased 16% to Rs 92,447 cr and gross refining margin stood at $9.5/barrel. read more SEPT INFLATION RISES TO 10-MONTH HIGH OF 7.8%   Inflation rose to 7.81% in Sept as wheat turned dearer by 18.63% & cereals by 14.18% with diesel inflation at 8.94%, dimming rate cut hopes. read more SENSEX RECOUPS ON POSITIVE EUROPEAN CUES; UP 38 PTS   Erasing morning losses, Markets rose on strong European market trends amid hopes of good results by RIL. Nifty up 11.2 pts at 5,687.25. read more TOP STORIES • Supreme Court refuses to stay FDI policy in retail   • Diageo to get controlling stake in United Spirits   • DoT likely to slap showcause notice to Bharti Airtel   • UK's Pavers may get FDI nod from FIPB on Oct 19   • Rupee down 20 paise at 53.01 on heavy $ demand   • Sebi notifies IPO reforms; funds usage under scrutiny   • RIL-BP relinquishes 9 oil and gas blocks   • TAFE remits $65 mn in US-based Agro Corporation   • H1 indirect tax collections up 15.6% to Rs 2.17 lakh cr   • Banks may find it tough to step up infra lending: RBI   • Jaguar Land Rover sales a blow for Tata Motors   • ConocoPhillips stake sale: Oil PSUs shortlisted   • Vedanta halts ops in Orissa on bauxite shortage   • Oil cos virtually stop producing branded petrol, diesel   • India's 2012 gold imports seen falling 25%   • Kejriwal ends Khurshid agitation; next target on Oct 17   • Ford launches new Figo at the same price of Rs 3.85 lk   • Google's latest venture: offering loans   • Japan's Softbank buys 70% in Sprint for $20.1 bn   • U.S. duo Roth & Shapley win Economics Nobel Prize   more stories TOP VIDEOS DEVIL'S ADVOCATE: Hoodlums Can't Dictate Terms, We Are Battling To Save India: Salman Khurshid, Law Minister   Rise In WPI Attributable To Fuel Price Hike, Circumstances Not Too Favourable For Easing. See Inflation Around 7% By March 2013: C Rangarajan, Chairman, PMEAC  < /a> Policies Announced By Govt Is Bringing Back The Growth Story. Consumption Story Continues To Remain Very Strong: Chanda Kochhar, CEO, ICICI Bank   Cane Pricing And Sugar Dereservation May Take 2-3 Yrs To Execute: Vivek Saraogi, MD, Balrampur Chini   AT A GLANCE BSE 18713.55 +38.37 NSE 5687.25 +11.2 TURNOVER Rs. 137,053 cr BSE CASH Rs. 1,803 cr NSE CASH Rs. 8,571 cr NSE F&O Rs. 102,692 cr BULLION GOLD 31015 -269 SILVER 60062 -1136 CRUDE NYMEX 89.88 -1.98 BRENT 114.19 -0.43 FOREX $ / Re 53.015 +0.21 £ / Re 85.116 +0.25 € / Re 68.612 +0.2 EVENTS TO WATCH 15-16 October FT-YES Bank: 2nd International Banking Summit, The Trident, Mumbai 16 October Q2 Earnings: NIIT Tech, MindTree Ltd, Essar Ports 17 October Q2 Earnings: HCL Technologies, BPL Ltd, Infotech Enterprises 18 October Q2 Earnings: Motilal Oswal, Hindustan Zinc, Everest Industries, Dish TV, Ambuja Cement, ACC 22 October FM To Meet Sushil Modi, Chairman, Empowered Committee of State FM To Clear GST Passage 26 October Microsoft To Launch Windows 8

"India can support 8.2% growth if it can finance current account deficit at 3% of the GDP...The government is back in action. Therefore I am willing to interpret the slight up-tick in the IIP as an example of deceleration having been arrested. I am using that as a touchstone. I am not actually saying that resurgence has begun, but what we have done (policy actions) the impact will be delayed." Montek Singh Ahluwalia Dy Chairman, Planning Commission "RIL's facilities continued to deliver operating excellence and this is a true testimony of the quality of our manufacturing assets and human talent. On a sequential quarter basis, net profit for the quarter was up 20% at $1 bn. Despite current weakness in global economies, we continue to invest in our long-term growth projects to deliver sustainable value to all our stakeholders." Mukesh Ambani Chairman, Reliance Industries "Earlier, if men and women would hold hands they would get caught by parents and be reprimanded but now everything is so open. It's like an open market, open option. The way men and women interact with each other these days and openly talk, eat etc. There are students who are going through a lot of stress. Don't highlight rapes so much and glorify it." Mamata Banerjee Chief, TMC

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Indianomics with Bimal Jalan   The financial sector legislative reforms commission wants to merge SEBI, IRDA and PFRDA into one; clip RBI's powers over capital controls & debt management and give it stiff inflation targets. Bimal Jalan, former Governor and winner of CNBC-TV18's honor for lifetime contribution to the financial sector speaks on the recommendations to Indianomics. SHOW TIMINGS Sat 10:30 am & 10:30 pm Sun 11 am