These days, we increasingly seem to find ourselves fruitlessly complaining about multinationals getting away with paying low taxes on huge earnings, due to sneaky loopholes in the system. Today's the day us little guys been waiting for. Not one, but two companies have been slapped with the naughty stick.
Fiat and Starbucks have been ordered to cough up millions, with the European Commission deeming them to have struck up separate but illegal deals with two European nations. Starbucks and the Dutch government were found to be in cahoots, while Fiat’s said to have been in bed with Luxembourg.
Following a year-long investigation, the Commission came to the conclusion that "most of the profits of Starbucks' coffee roasting company are shifted abroad, where they are also not taxed, and Fiat's financing company only paid taxes on underestimated profits." Each company may be forced to pay up to €30 million (£22 million).
Shock horror, the two firms aren’t best pleased with the rulings, with the coffee company saying, "Starbucks complies with all OECD rules, guidelines and laws and supports its tax reform process. Starbucks has paid an average global effective tax rate of roughly 33% - well above the 18.5% average rate paid by other large US companies."
Something tells me we haven't heard the end of this.