The Independent was contacted by an insider who wanted to expose how Vitol arranges its business to pay a fraction of the standard UK tax rate for its hugely profitable London operations. As a result, over recent weeks, this newspaper has gathered documentation from internal and external sources and arranged for covertly recorded conversations with UK-based executives. Together, they paint a picture of an organisation where staff in London are presented as “intermediaries” when they are actually the brains that make hundreds of millions of dollars a year in profits. This means the profits on their trades are shifted to low-tax Switzerland. The company says its tax structure has been approved by HMRC.
Posted on: Thu, 24 Jul 2014 06:32:01 +0000
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