Starbucks Agrees to Pay Corporate Taxes in England

Had been using deductions to avoid paying any taxes for past three years


US-based coffee giant Starbucks said Thursday that it will pay around £10 million in corporation tax in Britain in each of the next two years after lawmakers roasted the company for avoiding taxes.

Kris Engskov, the managing director of Starbucks UK, made the announcement in a speech in London amid rising public anger in austerity-hit Britain at multinationals that fail to pay enough tax.

"Today, I am announcing changes which will result in Starbucks paying higher corporation tax in the UK — above what is currently required by law," Engskov said in the speech to the London Chamber of Commerce.