Unfavourable Tax Assessment Doesn't Affect Diageo Valuation
At the release of its first-half results in January, Diageo revealed that the U.K. tax authority had been looking at the company’s transfer pricing policies. Last week, HM Revenue and Customs informed Diageo that the company will be required to pay an additional GBP 107 million in tax, in aggregate, for the financial years ended June 30, 2015, and June 30, 2016. While this is an unexpected negative for Diageo, it does not materially affect our valuation or our wide moat rating, which reflects th...
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