Sunday, July 26, 2015

There is no Walmart in Luxembourg

"According to a new report from Americans for Tax Fairness, Walmart is also sheltering $76 billion in assets in 78 subsidiaries located in 15 tax haven countries where Walmart doesn't even have stores. What's more, Walmart has effectively hidden all these subsidiaries by not listing them in the part of its Securities and Exchange Commission forms where they're supposed to be listed (the part where it says "subsidiaries"), instead burying any mention of them as deeply as it can. Walmart is getting out of major taxes through these maneuvers. Take Luxembourg. Walmart has $64 billion in assets stashed in 22 shell companies—five of which were established in 2015 alone. Those assets in Luxembourg generate big profits and teeny tiny taxes."  (source)