A new report by United Voice, one of Australia’s largest trade unions, examines the corporate structure of Westfield, the world’s largest owner, operator and developer of shopping centres, and suggests the company may not be paying their fair share of tax in the UK.
Westfield has a substantial and growing presence in the UK. In London, the company owns and operates Europe’s two largest shopping malls, including the London Olympics shopping centre at Stratford City. The company also has another £2 billion in planned developments in the London area.
Westfield promotes itself as providing economic development and urban renewal to local communities. Yet behind these claims is a hidden story of a complex corporate structure United Voice believes may be designed to avoid UK tax payments.
According to United Voice: “When multinationals and global investors fail to pay a fair share of taxes, communities suffer. We need to close these legal loopholes and change the tax laws. Until that happens, we need to pressure corporations and investors to follow the spirit of the law. That means supporting communities where profits are made.”