Starbucks waves white flag in tax avoidance row

Multinational coffee house Starbucks has caved in to public anger over the recent revelation it paid less than 1% in tax in the UK, pledging to 'do more' according to reports.

Starbucks has been in the spotlight in recent months over the low levels of tax it pays in the UK. The £25bn US company has now admitted it "needs to do more", according to Telegraph reports, and said it will conduct a review of its accounting practices. The move should see Starbucks declare larger profits in Britain and pay more tax. The consumer-facing giant is also in discussions with HM Revenue & Customs, talking around reducing the royalty fee of 4.7%, which the UK company pays to a Dutch subsidiary for the rights to use Starbucks' brand name and coffee recipes. The use of ...