Wal-Mart: 76 billion Dollars in tax havens without shops

19 June 2015

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According to a report in Bloomberg, the Wal-Mart has a network of 78 subsidiaries in 15 tax havens, which has no shop. The company has assets of over 76 billion. Dollars in tax havens, which is not shown in the financial statements of the American colossus.

90% of the assets of the Wal-Mart outside the US are subsidiaries in Luxembourg and the Netherlands, two of the most popular tax havens.

The units in Luxembourg, where the company has no shops, reported earnings of 1.3 billion. Dollars between 2010 and 2013 and paid tax at a rate lower than 1%.

All around 3,500 stores Wal-Mart in China, Central America, the United Kingdom, Brazil, Japan, South Africa and Chile, seems to belong to units in tax havens such as the British Virgin Islands, Curacao and the Luxembourg.

None of the subsidiaries are mentioned in company announcements, according to the report of the United Food & Commercial Workers International Union, published on Wednesday.

Source: www.businessnews.gr