Today, I am announcing changes which will result in Starbucks paying higher corporation tax in the UK - above what is currently required by law. Specifically, in 2013 and 2014 Starbucks will not claim tax deductions for royalties or payments related to our intercompany charges.
In addition, we are making a commitment that we will propose to pay a significant amount of corporation tax during 2013 and 2014 regardless of whether our company is profitable during these years.
We are still working through some of the calculations, but we believe we could pay or prepay somewhere in the range of £10m in each of the next two years in addition to the variety of taxes we already pay.
Doing the right thing is part of the DNA of our company (and of the thousands of people who work here that we call “partners,” because each of them have equity in the form of shares in our company) and over these past 14 years we’ve been doing business here in the UK, the most important asset we have built and developed with our customers is trust.
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