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Olympic sponsors will avoid paying up to £600million in tax as venues will be treated like offshore havens during the Games, a report claims.

Under new Revenue and Customs rules ushered in as part of Team GB’s winning bid, “corporate partners” like Coca-Cola, McDonald’s and Visa have a temporary exemption from corporation tax as “non-resident” companies.

Although the multinationals have offices in the UK, their separate Olympic operations avoid paying tax from March 30 to November 8.

The new rules also mean foreign employees working for the firms do not have to pay income tax in the UK.

Campaigning group Ethical Consumer, which carried out the report, estimates the Government will lose out on £600million.

Author Tim Hunt said: “The real winners in the London Olympics are those companies who stand to make millions out of the greatest sporting event in the world.”

The report also claims the London Organising Committee’s (LOCOG) own tax concessions account for a further £100m in lost revenue for the Treasury.

Richard Murphy from the Tax Justice Network said: “It’s a scandal that at the same time that David Cameron is criticising Jimmy Carr for using a tax haven one has been created right in the heart of London.”