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Yahoo To Move European Base To Switzerland, by Ulrika Lomas, Tax-News.com, Brussels
Wednesday, March 19, 2008
Internet giant Yahoo has announced that it is set to transfer
its European headquarters from London to Switzerland in an attempt to reduce
its corporate tax bill.
The decision to move is surrounded by speculation that the Swiss government
has offered Yahoo a yet-to-be confirmed tax break, and the move is expected to be completed within 18 months.
In a statement quoted by AFP last week, the company confirmed the decision, explaining that:
"Yahoo! Europe has begun a programme to relocate its European headquarters
to Switzerland."
It continued: "This decision is part of our ongoing international business strategy
to increase competitiveness, deliver financial results, performance and efficiencies."
The transfer of its European corporate HQ is expected to involve 5% of European
staff. A presence in London will be maintained, however, the firm has announced.
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