Olympic sponsors avoid paying £600million in tax

[Pete]

Once again I assume the role as the bringer of bad news…

Under new Revenue and Customs rules ushered in as part of Team GB’s winning bid, “corporate partners” like Coca-Cola, McDonald’s and Visa have a temporary exemption from corporation tax as “non-resident” companies. Campaigning group Ethical Consumer, which carried out the report, estimates the Government will lose out on £600million.

Author Tim Hunt said: “The real winners in the London Olympics are those companies who stand to make millions out of the greatest sporting event in the world.”

Good job we're not hard up then - poor old Coca-Cola, McDonald’s and Visa need the UK to give them a leg up when times are hard.

Hang on a minute…

    

Hat tip to Patrick

[Stuart]

Is this not the sort of stuff that the govt had to agree to in order to land the olympics? It'd be the same if we'd have got the World Cup, too. The organisers have to be allowed to take their money out in a huge suitcase, or they don't come, and local laws have to be changed to favour organisers and sponsors.

I read somewhere that parcel companies who are expected to deliver all over the UK are not to be allowed onto the olympic site; the official parcel company of the olympics have a law-enforced monopoly that means that if you use another company to deliver your drugs to an athlete, say, then they have to leave the parcel at the olympic park's perimeter and the official company finish the job off. For a huge fee, of course. The whole thing is crackers.

[Pete]

How ever did the government keep all this from us?

I suppose it would be cynical of me to suggest that they keep us occupied with the relay...

[Fly]

So Mr average (like me), plods on 5 days a week and pays his taxes.
These companies earn 100millions off an event we've paid for, sickening !!

[Stuart]

http://www.transparencyinsport.org/

Always worth a read. Mostly football, but some Olympics, too.

[Pete]

Now that's a find Stuart...