Major energy suppliers get criticized for avoiding tax contributions
A recent report into the activity of UK’s largest energy suppliers has revealed the disturbing fact that very few of them actually pay their due corporation tax, with npower being singled-out for not contributing a single penny over the past two years.
The news report points out that RWE npower, with 6.6 million customers, paid no corporation tax between 2009 and 2011, while Scottish Power paid only £102m in 2012 on profits of £1.2bn – even though the lowest corporate tax rate is 20%. In general, suppliers that are owned by foreign-based multinationals paid less tax than their UK-based counterparts (Centrica or SSE).
On the other hand, the energy suppliers answered the accusations by claiming that they’ve actually invested in the UK infrastructure and energy production facilities, and that the law allows these to be offset these against tax liabilities.
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