Only about 40% of coal is produced directly by the company, 60% comes from subsidiaries.

First, consider the party's decision to reject contributions from subsidiaries of foreign companies.

The practice involves using losses from subsidiaries to reduce taxes.

International business remained strong, with especially impressive results from our Japanese subsidiary.

Pearson receives a dividend of £40 million a year from its subsidiary.

Shell also said the foreign exchange loss would be more than offset by a tax credit of £149 million from its Japanese subsidiary.

As a result, they suffer the full rate of withholding tax on dividends from foreign subsidiaries.

That is partly because balance sheets do not include earnings from subsidiaries, the requirement in America.

Product sales generated £31.1m up from £30.1m in 1991, some 58% of which came from overseas subsidiaries.

Typically, results from minority-owned subsidiaries are not included in a company's consolidated financial statements.