In any case, it was announced by the spokesman of the oil group. Although he defends by saying that this information is “a long-standing project”, the group is determined to transfer the management of its cash and financial communications to be closer to the nerve center of the financial sector and oil in Europe. London is considered by the spokesman of Total as “the place to be to talk about business, finance and oil.”. This is actually a strategic location for business. But we can still ask whether the main goal is not to escape the new 75% tax on high incomes in France. Because by relocating, such income is exempt, passing under the control of the English taxation, much more advantageous.
Total and taxes exemption
However, this hypothesis is rejected by Patrick de la Chevardière, The Chief Financial Officer of the Total group, explaining that he would continue to pay their taxes in France (more than 1 .2 billion in 2012) obtaining from the British tax authorities an agreement in this sense. Nevertheless the Socialist deputy Yann Galut does not hide his anger and still find these revelations shocking when France asks for an effort to all French.
Although the offshoring concerns a little less than a hundred people so far and that the idea would be to have a better visibility on the international spot oil, it seems surprising that this movement happens this year, while the year 2012 was the first year that Total paid taxes in France as previously, the group enjoyed the benefits of the tax shelter of the consolidated Global tax which allowed it to impute its losses made abroad on its revenues in France.