Wal Mart “does it better”

Exposed how Walmart PR takes money to tax havens (document)

Since 2011 the multinational retailer Walmart has transferred $ 45 billion in assets of companies operating in places like Brazil, Japan, South Africa and Puerto Rico to its subsidiaries in Luxembourg as a report claims are attempts to avoid paying taxes .

The information is contained in a report issued by Americans for Tax Fairness says that Walmart has about $ 76 billion in goods of 78 subsidiaries and offices in 15 tax havens, detail is not known because it has avoided inform in 10K forms submitted to the federal Securities and Exchange Commission (SEC).

Luxembourg, the report said, has become the tax haven of Walmart and other multinational looking for ways to avoid paying taxes.

Could not get an immediate reaction of the chain on the island.

Walmart in 2012 transferred ownership of Wal-Mart Puerto Rico’s subsidiary WMT Apex Sarl in Luxembourg. In 2013 he made a financial transfer of $ 32.7 million from Puerto Rico to Luxembourg and the following year transferred $ 19 million, also to Apex Sarl, according to the report.

In fact, the report alleges that Walmart operates stores in 26 countries and Puerto Rico through parent companies located in tax havens, this despite the fact that the island already operates some economic incentives.

Tax havens are few jurisdictions where taxes are paid. Walmart headquarteres are in Arkansas. Its subsidiaries in Luxembourg are limited liability companies.

According to the report, the law requires that subsidiaries of multinational companies that generate more than 10% of income which may Walmart is not doing is listen. Walmart only mentioned in reports about six foreign subsidiaries in countries where it has stores.

Walmart Puerto Rico recently filed in the Federal Court of San Juan a legal action against the Finance Minister Juan Zaragoza, to paralyze Law 72 which changed the taxation of purchases between the parent company and its office of Puerto Rico, which is known as “transfer pricing”. The multinational says that the statute affects its operation in Puerto Rico, it increases the tax owed between companies for purchases made outside of Puerto Rico, from 2% to 6.5%, which translates, according to their calculations, a tax rate Estimated 91.5% effective. The company questions the constitutionality of Law 72 after claiming that violates the commerce clause interestatal.y equal protection of the laws.

Article obtained from Noticel



Author: laoch6

Me considero una persona común y corriente. Me encantan las artes marciales y las investigaciones criminales. Me siento comprometido en ayudar a las personas que lo necesiten y así lo deseen. Soy un libro abierto, cualquier tema de conversación me llama la atención.

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