Get ready for another reserve to be set up so that we can pay $1B in back taxes to the UK.
http://fortune.com/2018/11/05/ge-uk-tax-bill/
3 replies (most recent on top)
Could be related to 1100 jobs GE wants to move from Rugby to France. UK and France will try to squeeze GE for jobs. GE has to cut thousands, may be tens of thousands.
Too bad GE can't recoup any of the salary and ridiculous bonuses paid to the tax "experts" who always skirted the interpretation. Integrity anyone?
I used to work for GE Capital during this period. The p&ls were negative before tax and positive after tax. That s how they turned into a profit. It was not about shareholder value, but a tax play.
Now the bill arrived. Again, leadership focused on easy, "risk free" money at that time. It was a tax arbitrage, not a business.