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 Wolseley planning Swiss tax move

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RR Phantom

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Wolseley planning Swiss tax move Vide
PostSubject: Wolseley planning Swiss tax move   Wolseley planning Swiss tax move Icon_minitimeMon Sep 27, 2010 4:24 am
Building and heating materials group Wolseley has announced plans to set up a new holding company in Switzerland in order to reduce its corporate tax bill.

The firm, which generates 81% of its revenues overseas, said the new company would help the group "achieve a competitive corporate tax rate".

Wolseley also reported revenues for the year to the end of July of £13.2bn, down from £14.4bn a year earlier.

However, losses were reduced to £328m from £766 a year ago.

"Demand across our markets remains mixed and the economic outlook continues to be unclear," said the group's chief executive Ian Meakins.

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