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SENIOR MPs accused accountancy firm PricewaterhouseCoopers (PwC) yesterday of promoting “tax avoidance on an industrial scale” to numerous transnational firms.
PwC was heavily criticised in an investigation by the Commons public accounts committee into how accountants provided “complex strategies and contrived structures” to big companies to help them slash tax bills.
It found that arrangements promoted to numerous PwC clients to divert profits artificially via Luxembourg bore “all the characteristics of a mass-marketed tax avoidance scheme.”
Committee chair Margaret Hodge said: “We believe that PwC’s activities represent nothing short of the promotion of tax avoidance on an industrial scale.
“The effect has been to reduce the amount of corporation tax that some multinational companies pay in the countries in which they make their profits.”
