New Leak Reveals Luxembourg Tax Deals for Disney, Koch Brothers Empire
Latest “Lux Leaks” files obtained by ICIJ disclose secret tax structures sought by “Big 4” accounting giants for brand name international companies
A new leak of confidential documents expands the list of big companies seeking secret tax deals in Luxembourg, exposing tax-saving maneuvers by American entertainment icon The Walt Disney Co., politically controversial Koch Industries Inc. and 33 other companies.
Disney and Koch Industries, a U.S.-based energy and chemical conglomerate, both created tangles of interlocking corporations in Luxembourg that may have helped them slash the taxes they pay in the U.S. and Europe, according to the documents obtained by the International Consortium of Investigative Journalists.
More: New Leak Reveals Luxembourg Tax Deals for Disney, Koch Brothers Empire
Also see
-IRS—Foreign Account Tax Compliance Act (FATCA)
-wikI—Foreign Account Tax Compliance Act
-US Treasury -FATCA —you’ll see a lot of work has been by the Administration in the last couple of years.
-IRS -Publication 901-Tax Treaties (PDF)
-OECD Tax Chief: Corporate Tax Avoidance While Taxpayers Suffer ‘Simply Not Acceptable’
and:
American’s Abroad Denounce Offshore Tax Law’s Unintended Consequences
At ICIJ, we’ve encountered FATCA as one of the most powerful laws against offshore tax avoidance that is currently on the books. For example, a recent survey of the offshore industry found that FATCA was far and away the most pressing regulation from any nation in the eyes of tax haven professionals. The Government Accountability Office has estimated that American taxpayers who use offshore accounts to illegally reduce their tax liabilities have cost the Treasury billions of dollars.
But we recently learned about other consequences of the law from our American readers abroad.
The U.S. taxes its citizens no matter where they live, and counts as its citizens all persons born in the U.S. or born to citizens of the U.S., and requires that citizens living abroad file annual tax returns. According to the State Department in May 2013, 7.6 million U.S. citizens live abroad. This includes people who were born in the U.S. to non-citizen parents and people born overseas to U.S. citizens living abroad, even if they have not lived in the U.S. for decades, or ever. Many people did not know of their tax filing obligations to the U.S. until recently, when enforcement of the regulations was strengthened in response to efforts to clamp down on offshore evasion by U.S. taxpayers.
The focus has been on wealthy individuals and corporations attempting to dodge their tax obligations to the the US Government and their fellow citizens, but it seems indivdiual working class citizens are targeted as well.
IJIC OFF SHORE LEAKS DATABASE —search results USA —
*realize this does not mean anyone listed has broken the law*