Documents Reveal How Disney, Koch, Others Funneled Profits Through Units in Grand Duchy

By Ellington Ngandu China has been successful in making inroads into Africa with reciprocal warm….

‘Big Four’ accounting firms arranged tax deals for companies

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Luxembourg Leaks - Wikipedia

Following the disclosure of the tax rulings by ICIJ, the Commission will have a large number of additional Luxembourg tax rulings that it can review under the State aid rules. It might elect to conduct further reviews and proceedings concerning those rulings. Typically the Commission will start its review with a request for information addressed to the Member State. The Member State consults with the company concerned this is the first time the company learns that its ruling is the subject of a Commission review and provides the requested information to the Commission.

Once it has completed its initial review and concluded that State aid is likely to be present, the Commission opens a formal in-depth review and grants the Member States, the companies concerned, and other interested parties including competitors the opportunity to comment. This is normally followed by several rounds of further questions and meetings between the Commission, the Member State, and the company concerned. The relevant procedural regulation merely provides that the Commission will attempt to conclude any such reviews within a period of 18 months.

Normally, when the Commission, in its final decision, finds that a measure has constituted State aid, it must order the repayment of the aid going back 10 years, plus interest.

Double Irish? Peh, global brands used Luxembourg to avoid billions in tax

There have been instances in which the Commission did not order a repayment in order to protect the aid recipient's legitimate expectations. This has particularly been the case in instances where more generally available tax schemes were found to constitute State aid; it may become a more complex and "political" issue in cases where individual rulings are being challenged. Since the Commission has elected to conduct this initiative as a review of individual rulings, the merits of each case will very much depend on the solidity of the transfer pricing arrangements and other facts underlying the specific tax structure chosen by the individual companies.


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In the case of an eventual negative ruling by the Commission, consequences for the individual companies may include a retroactive payment of taxes with interest for a period of up to 10 years. Jones Day has established a task force to assist clients concerned by the Commission's initiative both from an EU State aid and a tax perspective. For further information, please contact your principal Firm representative or one of the lawyers listed below.

General email messages may be sent using our "Contact Us" form, which can be found at www. Raymond J. Scott M. Jones Day publications should not be construed as legal advice on any specific facts or circumstances. The contents are intended for general information purposes only and may not be quoted or referred to in any other publication or proceeding without the prior written consent of the Firm, to be given or withheld at our discretion.

To request reprint permission for any of our publications, please use our "Contact Us" form, which can be found on our website at www. The mailing of this publication is not intended to create, and receipt of it does not constitute, an attorney-client relationship. The views set forth herein are the personal views of the authors and do not necessarily reflect those of the Firm.

http://hu1.do.iwebcloud.co.uk/daniel-a-dreamer-of-dreams.php September Alerts. September Commentaries. August Newsletters. The disclosures come amid a determined push by governments , particularly in Europe, to put an end to financial maneuvers that allow multinational companies to shift profit to tax havens from the higher-tax jurisdictions in which they are earned. If those concerns are confirmed, the companies involved could be forced to pay large sums in back taxes.

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Write to Tom Fairless at tom. All Rights Reserved. Dow Jones, a News Corp company. Pepsi, IKEA, FedEx and other international companies have secured secret deals from Luxembourg, allowing many of them to slash their global tax bills while maintaining little presence in the tiny European duchy, leaked documents show. These companies appear to have channeled hundreds of billions of dollars through Luxembourg and saved billions of dollars in taxes, according to a review of nearly 28, pages of confidential documents conducted by the International Consortium of Investigative Journalists and a team of more than 80 journalists from 26 countries.

Luxembourg officials have supplied some information to the EU but have refused, EU officials say, to provide a larger set of documents relating to its tax rulings.

Today ICIJ and its media partners are releasing a large cache of Luxembourg tax rulings — comfort letters issued from to — and reporting on their contents in stories that will be published or broadcast in dozens of countries. To qualify the companies for tax relief, the records show, PwC tax advisers helped come up with financial strategies that feature loans among sister companies and other moves designed to shift profits from one part of a corporation to another to reduce or eliminate taxable income. The records show , for example, that Memphis-based FedEx Corp.

Profits moved from Mexico to Luxembourg largely as tax-free dividends.