A stealthy, lucrative sleight of hand
Barclays has managed to keep its balance sheet rosy by offsetting its US losses against its British corporation tax bill. Will it be long before we see Irish banks pulling the same stunt?
Do you remember Bob Diamond o f Barclays Bank being examined before a British parliamentary committee earlier this year?
He was being asked to explain why Barclays had paid just stg£113million (€125million) corporation tax in a year when it made £6.2 billion in profits.
It was big news on TV and in the papers.
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