I’m going to guess…….enough to be embarrassed by, ergo loads.
“we paid the bribes to avoid paying tax in the governments proper and done manner”
This isn’t particularly surprising, that information will be available in the financial reports BP publishes however no company will disclose financial information outside of regulated disclosures.
If nothing else is that it would put them into a tricky spot if the numbers don’t align at the next reporting period or at the end of the financial year, as it lead to them being investigated by regulators as well as sued by shareholders if they believe they were mislead.
If anything MPs should’ve known that to ask any question outside of what has already been published would lead to “I do not know” or “we cannot disclose that at this time” unless that question was tea or coffee and even to answer that a CEO of a public company would likely want to confer with 10 different lawyers before saying anything.
Bit misleading to call it a loophole given it’s a basic, intentional mechanic in how most of our taxes work. Companies don’t pay tax on money reinvested in themselves, and I don’t pay tax on things I have to pay for in order to do my job.
4 comments
I’m going to guess…….enough to be embarrassed by, ergo loads.
“we paid the bribes to avoid paying tax in the governments proper and done manner”
This isn’t particularly surprising, that information will be available in the financial reports BP publishes however no company will disclose financial information outside of regulated disclosures.
If nothing else is that it would put them into a tricky spot if the numbers don’t align at the next reporting period or at the end of the financial year, as it lead to them being investigated by regulators as well as sued by shareholders if they believe they were mislead.
If anything MPs should’ve known that to ask any question outside of what has already been published would lead to “I do not know” or “we cannot disclose that at this time” unless that question was tea or coffee and even to answer that a CEO of a public company would likely want to confer with 10 different lawyers before saying anything.
Bit misleading to call it a loophole given it’s a basic, intentional mechanic in how most of our taxes work. Companies don’t pay tax on money reinvested in themselves, and I don’t pay tax on things I have to pay for in order to do my job.