One of the largest suppliers of drugs to the NHS escaped paying any tax to the UK Government last year, it has emerged.
Pfizer, the company behind the best-selling drug on the UK market, Lipitor, and impotence drug Viagra, had a turnover of £1.8bn on its sales in the UK last year. But despite its huge business in this country, the accounts of the company's British-based subsidiary suggest it made an operating loss of £59m in 2011 and £46m in 2010.
Critics say Pfizer's operating loss is this country is typical of the way in which large multi-national companies are systematically able to legally avoid paying tax by piling costs into high tax jurisdictions, while reporting profits in low tax havens.
Globally, Pfizer made $12.7bn. If its profits margin in the UK had been similar to average, it would have made a pre-tax profit of £347m on its UK earnings – on which it might have been expected to pay tax of 25 per cent.
http://www.independent.co.uk/news/uk/politics/how-can-viagra-maker-pfizer-pay-no-uk-tax-8301414.html
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