I find tax avoidance stories/headlines that focus on revenue numbers (which aren’t taxed), vs profits (which are), grating. I get that the trick being used is

I find tax avoidance stories/headlines that focus on revenue numbers (which aren’t taxed), vs profits (which are), grating. I get that the trick being used is to move some of the profits into loan payments or license fees to reduce profitability but you can’t expect people who care about business to care about headlines like this. If somebody tells me “X paid Y in taxes on Z revenues”, I’m just figuring out their margins. Telling me that 50% of their cost base is a loan or license fee to a parent or sister company tells me a lot more…