Samsung releases Olympic tax break statement

Samsung responds to What Digital Camera and offers a reply following increasing pressure to turn down tax exemptions granted by the Government

Corporate sponsors of the London Olympics that could cash in and make hundreds of millions of pounds from sales and publicity linked to the Games have come under increased pressure to turn down tax exemptions that have been granted by the Government.

Samsung, one of the key sponsors of the London 2012 Olympic games were asked earlier today whether they had anything to add in regard to the tax exemptions and they responded to What Digital Camera magazine with the following statement:

‘No Samsung Electronics Company will be availing itself of the corporation tax exemption afforded under the terms of the London 2012 Olympic Games Tax Regulations 2010, nor has it ever intended to use this exemption.'

Other manufacturers that have so far come forward to formally announce that they will pay full corporation and income tax on their earnings from the Games include McDonald's and Coca-Cola.

Panasonic were also asked whether they had anything to add on the matter but were unable to comment.

We'll be updating this page as and when we hear from any other associated sponsors of the Games.

Update

Panasonic has confirmed that it too will not be taking advantage of tax breaks offered by the UK government as a sponsor of the London 2012 Olympics, and has now issued the following reply:

"It has been brought to the Company's attention that concerns have been raised that Olympic sponsors are profiting from tax concessions introduced by the UK Government as part of its arrangements with the International Olympic Committee ("IOC").
 
Under its agreement with the IOC, Panasonic delivers goods and services to the London Organising Committee of the Olympic Games ("LOCOG") primarily through its local sales subsidiary in the UK, which does not benefit from any of the tax concessions introduced. To the extent that services are delivered directly to LOCOG by Panasonic Corporation the tax position in either the UK or Japan is not affected by the tax exemptions."

 

Photography News

Other site sections

News Forum

Leica launches X-series compact and S-E medium format camera

Tue, 16 Sep 2014

Among a host of launches from Leica at Photokina today are two new digital offerings, the new Leica X and Leica S-EImage:...


Panasonic Lumix GM5 First Look

Tue, 16 Sep 2014

Panasonic Lumix GM5 First Look - Latest micro CSC features improved design and specification additions ...


Canon PowerShot G7 X First Look

Mon, 15 Sep 2014

Canon PowerShot G7 X First Look - The extensive PowerShot range of advanced compacts has been further added to with the new G7 X ...


Photokina news round-up

Mon, 15 Sep 2014

All of the latest updates, cameras announcements and product news in one handy placeImage:...


Canon EOS 7D Mark II First Look

Mon, 15 Sep 2014

Canon EOS 7D Mark II First Look - We go hands-on with the manufacturer's latest APS-C DSLR, the replacement for the long-standing Canon EOS 7D ...


Canon EOS 7D Mark II First Look

Mon, 15 Sep 2014

We take a closer look at the manufacturer's latest turbo-charged APS-C DSLRImage:...


Panasonic launches Lumix DMC-LX100

Mon, 15 Sep 2014

The new Lumix LX100 from Panasonic is a new flagship premium compact featuring a sensor more than five times the size of that in the Lumix LX7Image:...


Panasonic announces Lumix DMC-CM1, an Android phone with 1-inch sensor

Mon, 15 Sep 2014

Details have just emerged of a surprise product from Panasonic - the Lumix DMC-CM1, a slim Android-equipped camera and smartphoneImage:...


Canon PowerShot G7 X First Look

Mon, 15 Sep 2014

We go hands-on with the latest PowerShot advanced compactImage: http://feeds.feedburner.com/~r/whatdigitalcameracom/feed/rss/newsxml/~4/hyKtqU83IEY ...


Canon EOS 7D Mark II launched

Mon, 15 Sep 2014

New DSLR 'built for speed'; improves on specification of EOS 7D predecessorImage:...


Samsung unveils super-fast NX1

Mon, 15 Sep 2014

A new compact system camera announced at Photokina, the Samsung NX1 boasts 15fps continuous shooting and a new AF system with 205 Phase Detection AF...


More forum posts