Dutch to investigate 4,000 corporate tax deals after P&G error

Dutch tax breaks to large international companies came under renewed fire on Tuesday after newly leaked documents revealed what the finance ministry acknowledges were errors in the drafting of a tax ruling for U.S. consumer goods giant Procter & Gamble.The ministry “would investigate whether more than 4,000 international tax rulings were issued according to the intended procedure,” the deputy finance minister said in a letter to parliament.

Documents leaked in the so-called “Paradise Papers” trove of offshore records shed light on a previously undisclosed deal made in 2008, which gave P&G an estimated tax break of $169 million.The set-up of that deal did not meet requirements, as it was signed off only by one inspector of the tax authority. P&G, the maker of Papers diapers, Gillette razors and Tide laundry detergent, issued a statement on Tuesday denying involvement in any form of tax avoidance.The Netherlands has come under increasing pressure in recent years to clamp down on tax avoidance by multinational companies, which funnel trillions of dollars through the country every year to tax havens.The new Dutch government said last month it would try to make the country less attractive to shell companies that act as a conduit for money destined for tax havens. It also promised to lower the corporate tax rate to encourage foreign companies to move their activities to the Netherlands.The Paradise Papers are leaked documents from prominent offshore law firm Appleby that relate to the investments of wealthy individuals and institutions ranging from U.S. Commerce Secretary Wilbur Ross to Britain’s Queen Elizabeth. 

Dutch to investigate 4,000 corporate tax deals after P&G error

Related Posts

Diesel links with Polygiene for virus-fighting denim

The ViralOff application — of which Diesel has a 100% exclusive for denim — “will be implemented across a selection of the brand’s Spring/Summer 2021 denim styles, aiming at a greater range of products moving forward”.The treatment…

Australian brands must address worker issues- Oxfam

The study conducted by Oxfam, together with the Bangladesh Institute for Labour Studies and the Institute for Workers and Trade Unions in Vietnam, aimed to present a…

New Balance, Golden Goose in ‘dad shoes’ dispute

The bone of contention is a model of so-called ‘dad shoes’, the kind of thick-soled sneakers first popular in the 1980s and 90s.In the complaint, whose documents…

Ralph Lauren shoots for zero emissions by 2040

The New York-based company’s zero emissions target builds on its existing goal to reduce its absolute GHG emissions across its operations and supply chain by 30%, compared…

Prince Charles extends patronage of Campaign for Wool

The event, held last Friday, was organised by The Campaign for Wool and supported by Marks and Spencer. It was the largest and most prestigious international gathering…

Second-hand clothes finally take off in Japan

Uniqlo is a major player in an industry blamed for immense carbon emissions and other pollutants like microplastics.It has ridden a wave of consumers buying, and throwing…