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| International Board Member | 622 | Batley Bulldogs |
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| Aug 2003 | 22 years | |
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| Apr 2016 | Dec 2015 | LINK |
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| Quote cod'ead="cod'ead"So they're wonderful for giving money to charities from staff & customer funding and then they avoid paying stamp duty on land purchases? Is that how it works? Maybe I could stop paying Income Tax and make a donation to the charity of my choice instead?'"
Up to you, if that's what you want to do.
Quote cod'ead="cod'ead"I also notice that they swing between fixed sums (£13m) and percentages (1% of pre-tax profit).'"
The fixed sum was an amount that staff and employees raised via fundraising activities - the target was (I think) £10m. The 1% of pre-tax profit was a donation, and something quite different.
Quote cod'ead="cod'ead"If they are so transparent and benevolent, then why the need for Cheshunt Properties LLP? or other shadow subsidiaries in Luxembourg, BVI etc?'" I didn't say they were transparent, I merely pointed out that, like with most things, there's always a different point of view. Regarding benevolence, I suppose it's a very subjective one to answer - I, personally, believe that the fundraising effort was great (it certainly brought many staff and customers together, and some friends / colleagues had fantastic experiences raising money whilst climbing to Mt Everest base camp / walking the Inca trail / etc). And to donate £74m, irrespective of what the annual profit was, should be applauded. But, as I say, that's my subjective opinion. |
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| Moderator | 14395 | No
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| Dec 2001 | 24 years | |
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| May 2024 | May 2022 | LINK |
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| Quote Man in Madrid="Man in Madrid"Cod’ead, I’m going to go all corporate on you again here!
Tesco are the third largest retailer in the world (by revenue), and operate in many countries. However, unlike businesses such as Amazon and Starbucks, corporation tax (or country equivalent) is paid in a number of countries depending where profit – or loss – is made.
Tesco worldwide revenues in 12/13 excluding VAT were £65 billion. Worldwide trading profit before tax was about £3.5 billion. The UK represents around 66% of both revenue and trading profit.
Total Group tax was paid on profit before tax prior to any one-off charges - tax paid in the UK was about £350m, and tax paid overseas was about £230m
One-off charges in 12/13 were big: pulling out of the US, writing down UK property values, etc, meant that about £1.6 billion was taken from trading profits, meaning statutory profit of just under £2 billion.
If you look at percentage of tax paid on trading profit, you’ll see that it equates to approx. 16.6% worldwide. If you look at tax on statutory profit, it’s approx. 29%.
As a multinational retailer, Tesco are obviously successful. They are making around a 5% profit on revenues. Compare this to some large multinational manufacturers: businesses such as P&G, Unilever, etc consistently achieve 12%-15% profit. General retail really is a low margin, high volume business - scale is the only way to get shareholder returns.'"
What has any of that got to do with the example of Walkers under the ownership of Pepsico?
Do you consider the mechanisms outlined regarding how Pepsico have reduced the corporation tax paid by Walkers in the UK to (presumably) zero as they are now making a loss acceptable?
It is after all a legal way to increase profit and return for shareholders so does that trump all else and if it does, doesn't that mean the system is simply broken? |
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| International Chairman | 47951 | |
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| May 2002 | 23 years | |
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One of my favourites is the way some large manufacturers advertise their products by saying that, if you buy them, they'll donate a penny to charidee.
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| International Chairman | 14845 | No
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| Dec 2001 | 24 years | |
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| Oct 2021 | Jul 2021 | LINK |
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| Quote Man in Madrid="Man in Madrid"It's a PLC - profit is a shareholder requirement, otherwise there'd be no dividend. It's economics.
Of course, you believe that it's nothing to do with individuals / communities / health / sustainability. Perhaps a read of the PLCs' Corporate Responsibility information may help. Details here: [urlhttp://www.tescoplc.com/index.asp?pageid=87[/url
Headlines from this (for 12/13):-
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* Industry-leading performance in reducing CO2 emissions.
* 9.3m people involved in some form of activity via Tesco (eg. Race For Life / Tesco FA Football Skills / Aerobics, etc). Every evening on the car park at our Bangkok Head Office, I watch around 200 staff and customers doing aerobics to blaring music! This is replicated at every large-format store in the country.
* Staff and customer fundraising last year was >£13 million. The Charity of the Year was Cancer Research, and I believe that this is the largest single-business 12 month fundraising effort ever.
* At least 1% of pre-tax profits donated to charity in 12/13, in addition to the £13m to the Charity of the Year. £74.5m.
* This years Charity of the Year is Diabetes UK - we're after £15m!!
.....but, don't let the positives blur the negatives, hey?'"
But they treat their shop floor staff like crap (allegedly). Why is that if they are such a great company? |
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| International Star | 265 | No
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| Jul 2012 | 13 years | |
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| Sep 2014 | Sep 2014 | LINK |
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And they're buggers for trying to wheedle out of honouring their 'double the difference' pledge when they mess up their pricing.
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| International Chairman | 26578 | Swinton Lions |
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| Mar 2002 | 23 years | |
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| Jul 2017 | Apr 2017 | LINK |
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| Quote Th'ump="Th'ump"And they're buggers for trying to wheedle out of honouring their 'double the difference' pledge when they mess up their pricing.'"
Sadly all their T&C's say errors and omissions excepted (E&OE). |
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| International Chairman | 26578 | Swinton Lions |
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| Mar 2002 | 23 years | |
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| Quote cod'ead="cod'ead"Maybe I could stop paying Income Tax and make a donation to the charity of my choice instead?
'"
Erm, you can can't you? |
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| International Chairman | 37704 | No
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| May 2002 | 23 years | |
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| Aug 2018 | Aug 2018 | LINK |
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| Quote Big Graeme="Big Graeme"Erm, you can can't you?'"
I was thinking more along the lines of an amount I felt appropriate too. And instead of paying VED and council tax, I'll simply fill in a couple of potholes |
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| International Chairman | 14522 | No
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| Feb 2002 | 23 years | |
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| Jan 2014 | Jan 2014 | LINK |
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| Quote cod'ead="cod'ead"I was thinking more along the lines of an amount I felt appropriate too. And instead of paying VED and council tax, I'll simply fill in a couple of potholes'"
Nah, just get your staff and customers to do it in their own time ... then you just stick your logo on it and pretend you're socially responsible. |
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| International Chairman | 37704 | No
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| May 2002 | 23 years | |
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| Aug 2018 | Aug 2018 | LINK |
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[url=http://m.guardian.co.uk/environment/2011/jul/02/british-farmers-supermarket-price-warsEnjoy your raspberries[/url
They're still at it and refusing to accept any blame.
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| International Chairman | 14845 | No
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| Dec 2001 | 24 years | |
| Online | Last Post | Last Page |
| Oct 2021 | Jul 2021 | LINK |
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| Quote Man in Madrid="Man in Madrid"It's a PLC - profit is a shareholder requirement, otherwise there'd be no dividend. It's economics.
Of course, you believe that it's nothing to do with individuals / communities / health / sustainability. Perhaps a read of the PLCs' Corporate Responsibility information may help. Details here: [urlhttp://www.tescoplc.com/index.asp?pageid=87[/url
Headlines from this (for 12/13):-
----------------------------------------
* Industry-leading performance in reducing CO2 emissions.
* 9.3m people involved in some form of activity via Tesco (eg. Race For Life / Tesco FA Football Skills / Aerobics, etc). Every evening on the car park at our Bangkok Head Office, I watch around 200 staff and customers doing aerobics to blaring music! This is replicated at every large-format store in the country.
* Staff and customer fundraising last year was >£13 million. The Charity of the Year was Cancer Research, and I believe that this is the largest single-business 12 month fundraising effort ever.
* At least 1% of pre-tax profits donated to charity in 12/13, in addition to the £13m to the Charity of the Year. £74.5m.
* This years Charity of the Year is Diabetes UK - we're after £15m!!
.....but, don't let the positives blur the negatives, hey?'"
Who contributes to the charity of the year? Is it just low-paid staff and customers or do Tesco put their hands in their pockets? If so to what extent?
Ethically, IMO, Tesco is non-league. |
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