European regulators accuse Ikea of tax avoidance

Stockholm

INGVAR Kamprad, the founder of the global furniture retailer Ikea, is known for buying his clothes at flea markets, driving an old Volvo and flying only economy class. Although he is a billionaire many times over, he revels in his reputation for saving money.

Now, European regulators are accusing Mr Kamprad's company of pushing the concept of thriftiness beyond the limits of the law by manoeuvring to reduce its tax bill in the countries where it operates.