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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 209.55
Bid: 209.55
Ask: 209.60
Change: 7.20 (3.56%)
Spread: 0.05 (0.024%)
Open: 204.25
High: 210.65
Low: 204.10
Prev. Close: 202.35
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UPDATE 1-AB InBev, HSBC, Google, 8 others to testify at EU tax hearing

Tue, 10th Nov 2015 18:21

(Adds committee members' comments)

By Foo Yun Chee

BRUSSELS, Nov 10 - Anheuser-Busch InBev, HSBC, Google and eight other companies will bequizzed by EU lawmakers next week on their European tax deals aspart of a campaign to ensure multinationals pay their fair shareof taxes.

While the European Parliament's tax committee can only issuea non-binding recommendation at the end of November, thepublicity generated by its actions will likely ramp up thepressure on governments and the companies that are seeking tominimise tax.

The European Commission has already ordered Luxembourg torecover up to 30 million euros ($32 million) in back taxes fromFiat Chrysler Automobiles and the Dutch a similaramount from U.S. coffee chain Starbucks as a result ofillegal deals.

Amazon, already in the Commission's crosshairs overits Luxembourg tax deal, Barclays, Coca-Cola Co,Facebook, Ikea, McDonald's, PhilipMorris International and the Walt Disney Co willalso attend the hearing, according to the committee's website.

Wal-Mart Stores declined the invitation while FiatChrysler Automobiles has yet to respond. All thecompanies had previously turned down invitations to an earlierhearing.

"The mood is changing very fast, among companies as much asamong governments. The time of outwitting your competitorthrough aggressive tax planning is bound to come to an end, andsooner than expected," committee chairman Alain Lamassoure saidin an email.

Another committee member Michael Theurer said the committee,which is scheduled to be disbanded once it issues its report,should be given more time to do its work.

"I request a prolongation or renewal of our mandate, sincewe still have not received all documents that we requested fromthe Commission and member states, and this is not acceptable,"he said in an email.

The committee was set up in February after a group ofinvestigative journalists unveiled details of tax deals thathelped hundreds of multinationals to reduce their tax bills tominimal amounts.

($1 = 0.9359 euros) (Reporting by Foo Yun Chee; Editing by Mark Potter and JaneMerriman)

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