Global Firm's Tax Evasion Schemes Revealed
By SiliconIndia
BENGALURU: The world loves money. Yes, the top known Companies has apparently made secret deals to avoid paying huge amount of taxes.
Recently The Economic Times reported that few documents were leaked as published by an investigative journalism group. The U.S.based International Consortium of Investigative Journalists reports that a six-month investigation had found household firms such as Pepsi, IKEA and Deutsche Bank were among the list, which had taken advantage of legal tax avoidance schemes in Luxembourg. Other companies that took benefits were Burberry, Procter & Gamble, Heinz, JP Morgan and FedEx.
Through the process of legal tax avoidance schemes, millions of dollars have been saved by the companies.
ICIJ as per their analysis of the leaked documents said the credentials exposed several details of Advance Tax Agreements, including the deals, which set rules as to how a company should pay taxes or be taxed upon what notions.
The team who investigated this said that the tax payment rules were mostly set by the company and well approved by the authority; through this, the tax evading process was secret, easy, and smooth.
"It's like taking your tax plan to the government and getting it approved ahead of time," Richard Pomp, Tax Expert at Connecticut School of Law was quoted saying. The investigating team consisted of more than 80 journalists from 26 countries working for various esteemed organizations.
READ MORE: India Needs To Ensure Stability Of Policy, Taxation: Jaitley
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