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)