Published by Sean Farrell on 1st September 2013
Vodafone will avoid paying billions of pounds in tax on the sale of its stake in Verizon Wireless, the Sunday Times and other papers said. The sale of the 45% stake, set to be worth about $130bn (£84bn), is likely to be announced on September 3rd. The tax bill has been pared down from earlier estimates of up to $40bn to only $5bn but the use of offshore tax jurisdictions could revive uproar about Vodafone’s tax arrangements. Shareholders expect to get about £56bn with Chief Executive Vittorio Colao left with £25bn to spend on acquisitions, the Sunday Times said.