ICIJ Reporters Uncover Magical Fairyland of Tax-Dodging by Pepsi, FedEx, JPMorgan & Amazon Heres how journalists can crack the silence code and reach Whistleblowers to get stories like this. As part of their reporting, ICIJ and its international media partners released a large cache of Luxembourg tax rulings—called comfort letters—which document the deals given to these transnational corporations in exchange for funneling their global profits through the country. The reporting details how the accounting giant PricewaterhouseCoopers (PwC) was at the center of the deal-making, representing the corporate clients before the Luxembourg Ministry of Finance which governs the nations tax system. According to the ICIJs extensive reporting: 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 28,000 pages of confidential documents conducted by the International Consortium of Investigative Journalists and a team of more than 80 journalists from 26 countries. More than 300 global corporations and financial institutions—including well-known names like Pepsi Co., FedEx, JP Morgan Chase, and Amazon—have created complex tax avoidance schemes using the small European nation of Luxembourg to funnel billions of dollars of profits away from the countries where they actually do business, according to leaked documents obtained and analyzed by the International Consortium of Investigative Journalists. (more at link) commondreams.org/news/2014/11/06/us-corporations-top-list-those-living-magical-fairyland-tax-dodging
Posted on: Sun, 09 Nov 2014 12:54:58 +0000
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