It could cost the firm £2.2 billion
Vodafone group has lost a UK tax-avoidance case that could cost the firm as much as £2.2 billion ($3.5 billion) but the company can still approach House of Lords to appeal against the decision, reported the Wall Street Journal.
The Wall Street Journal reported that Vodafone had set aside about £2.2 billion for tax liabilities and interest that could arise from the case. This amount is expected to have increased slightly because of the interest payments.
CFO of Vodafone told Accountancy Age that the government needs to clarify the legal situation as the lawsuits are taking too long to reach a definitive conclusion. He also hinted that Vodafone could consider moving its registered office to another country if the legal situation is not sorted out.
Last year, the Court of Appeal had been in the mobile group’s favour, where Vodafone avoided £2 billion tax after its takeover of German company Mannesman through its Luxembourg subsidiary.
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