Meanwhile, In Luxembourg

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Colm Keena, in the Irish Times reports:

“Irish food multinational Glanbia has put more than €1 billion into companies in Luxembourg that have no employees but serve to reduce its tax bill here. The companies are the subject of advanced tax agreements (ATAs) negotiated with the tax authorities in Luxembourg and feature in 28,000 pages of leaked documentation from PricewaterhouseCoopers (PwC) in Luxembourg detailing ATAs with multinational companies around the globe.”

“The leaked documents show how Pepsi, Ikea, FedEx and 340 other companies secured tax deals from Luxembourg, allowing many of them to slash their tax bills while maintaining little presence in the tiny European Union member state.”

“The material also shows how foreign multinationals use Ireland as part of Luxembourg- based structures that reduce their corporation tax bills in the Republic and elsewhere.The documentation was made available to media organisations as part of a major investigation into Luxembourg’s role in global tax avoidance.”

Glanbia’s €1bn Luxembourg move to cut its Irish tax bill (Colm Keena, Irish Times)

25 thoughts on “Meanwhile, In Luxembourg

      1. Nikkeboentje

        I have to own up and say I’m completely biased when it comes to this as I live in Luxembourg and work in the finance/investment industry.

      1. Frilly Keane, Anyone?

        Same Industry.
        And its not like Greencore or any of its subsidiaries are above all that.

        And its not a smear campaign when they make it that easy to throw stones

        That’s the other thing about Glasshouses Daddy’s Boy. They’re as see-through as ück.

        A bit like your self Daddy’s boy.

  1. Panty Christ

    Those documents haven’t been leaked, they’ve been handed over under duress as part of a global tax harmony

  2. Disasta

    Thought all this was okay because it brought employment here and you can tax the boll!x out of the employees instead?

  3. Bingo

    That’s it, I’m never buying another Glanbia album.
    And if they force a free one on me, they’d better have a delete option.

      1. John E. Bravo

        Property prices in European cities being what they are, Brussels sprouts have been forced to move into a Prefab.

  4. Jess

    Yay! Now lets all bully Luxembourg to change their laws instead of changing ours and being percieved as being “anti-business” to the glorious market

          1. Jess

            I think the idea is US and UK kick up about other countries without doing anything about their domestic tax code. All so they can look as if they are being tough but still not upset their rich buddies

          2. Clampers Outside!

            Yup, an old head of Apple (the guy who set them up in Cork all those years ago) was interviewed on Six One the other evening about the WebSummit and wee Sharon asked him if the whole double Irish was damaging to Ireland… he said, he didn’t think it would in the long term. What I thought interesting is, and you don’t hear it said much from someone of his ilk, is that the problem lay largely with the US and the lack of real effort to tackle the problem from within the state’s own domestic tax systems.

            Refreshing to hear it from an American, it’s said so few times.

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