‘Barclays has been warned that its reputation is being "tarnished" by the persistent use of "complicated financial structures" to boost profits.
‘Bruce Packard, an analyst at Seymour Pierce, said Barclays risks "a fierce customer backlash" if it does not reduce its exposure to offshore tax havens or limit legitimate tax avoidance, and focus instead on service ...
‘Mr Packard said: "At Seymour Pierce we are rather sceptical of companies that operate in offshore tax havens, believing companies generate shareholder returns by performing services or making products their customers value, rather than through complicated financial structures."
‘Barclays stressed that it has signed up to the UK code of practice on tax, is entirely transparent with HM Revenue & Customs, and pays "all the tax due in all the countries we operate".’
‘Barclays has been warned that its reputation is being "tarnished" by the persistent use of "complicated financial structures" to boost profits.
‘Bruce Packard, an analyst at Seymour Pierce, said Barclays risks "a fierce customer backlash" if it does not reduce its exposure to offshore tax havens or limit legitimate tax avoidance, and focus instead on service ...
‘Mr Packard said: "At Seymour Pierce we are rather sceptical of companies that operate in offshore tax havens, believing companies generate shareholder returns by performing services or making products their customers value, rather than through complicated financial structures."
‘Barclays stressed that it has signed up to the UK code of practice on tax, is entirely transparent with HM Revenue & Customs, and pays "all the tax due in all the countries we operate".’
