Any quoted company has to file accounts that include a tax reconciliation statement.
The statement is meant to explain the difference between the tax rate in the accounts and the statutory tax rate.
RBS has admitted tax avoidance of £500 million today.
This is its tax reconciliation statement in its 2008 accounts:
The only line in there where this could hide would be ‚Äònon taxable items’. They’re a credit – the only one there is year in year out.
Is that good enough?
If this is where the tax avoidance is hidden is that a set of accounts really giving a true and fair view?
I’ll say this to Deloitte LLP: this is ‚Äòjust rubbish’.
And I now have the satisfaction of knowing I’m right and Deloitte LLP is wrong.
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