Ineos, one of the world’s largest petrochemical concerns, is moving its headquarters from London to Switzerland to reduce its tax bill.This content was published on April 13, 2010 - 09:21
“It’s likely that it will be Vaud,” spokesman Richard Longden told Swiss public radio on Tuesday. Day-to-day operations in Britain and around the world would not be affected, the company added.
The number-three global producer announced in early March it was considering the move and received approval to do so on March 24. The move will reduce the firm’s tax burden by €450 million (SFr647.7 million) between now and 2014.
“This saving would further support investment in skills, plant and technology, considered by the company to be critical to driving future growth and competitive advantage,” Ineos said in a statement.
Ineos employs about 15,500 in 14 countries and has yearly turnover of about SFr50.1 billion – 70 per cent of which is generate outside Britain. The lower tax bills will help the company chip away at its nearly SFr10 billion in debts.
The company is the latest of several British firms to flee as a 50 per cent tax rate for those earning more than £150,000 (SFr242,000) takes effect.
swissinfo.ch and agencies
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