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Most of the leaked tax rulings were negotiated and approved by a single civil servant.<ref>Süddeutsche Zeitung, [http://www.sueddeutsche.de/wirtschaft/luxemburg-leaks-aerger-im-steuer-maerchenland-1.2206040 ''Ärger im Steuer-Märchenland'', Süddeutsche Zeitung], 6 November 2014</ref><ref>Norddeutscher Rundfunk, [http://www.ndr.de/nachrichten/Deutsche-Bank-Gewinne-fliessen-um-Globus,deutschebanklux100.html ''Deutsche Bank: Gewinne fließen um den Globus''], 6 November 2014</ref><ref>[http://online.wsj.com/articles/luxembourg-tax-deals-under-pressure-1413930593 ''Business-Friendly Bureaucrat Helped Build Tax Haven in Luxembourg''], Wall Street Journal, 21 October 2014</ref>
Most of the leaked tax rulings were negotiated and approved by a single civil servant.<ref>Süddeutsche Zeitung, [http://www.sueddeutsche.de/wirtschaft/luxemburg-leaks-aerger-im-steuer-maerchenland-1.2206040 ''Ärger im Steuer-Märchenland'', Süddeutsche Zeitung], 6 November 2014</ref><ref>Norddeutscher Rundfunk, [http://www.ndr.de/nachrichten/Deutsche-Bank-Gewinne-fliessen-um-Globus,deutschebanklux100.html ''Deutsche Bank: Gewinne fließen um den Globus''], 6 November 2014</ref><ref>[http://online.wsj.com/articles/luxembourg-tax-deals-under-pressure-1413930593 ''Business-Friendly Bureaucrat Helped Build Tax Haven in Luxembourg''], Wall Street Journal, 21 October 2014</ref>

==List of companies about whom tax documents have been leaked==
This is the list of companies as of {{date|2014-11-06}} whose Luxembourg private tax rulings and corporation tax returns have been leaked:<ref>http://www.businessinsider.com/full-list-every-company-named-in-the-luxembourg-secret-tax-deal-database-2014-11</ref>

{{columns-list|colwidth=15em|
*[[2PCT]]
*[[3i]]
*[[Abbott Laboratories]]
*[[ABN AMRO Group]]
*[[Abris Capital Partners]]
*[[Abry Partners]]
*[[ABS-CBN Broadcasting Corporation]]
*[[Abu Dhabi Investment Authority]]
*[[Accenture]]
*[[ACE Group]]
*Acergy Group (now [[Subsea 7]])
*[[Advent International Corporation]]
*[[AEA Investors]]
*[[AHW Capital Management]]
*[[AIG]]
*[[Alexander Eriksen]]
*[[Alfa Group Consortium]]
*[[Allco Finance Group]]
*[[Amazon.com]]
*[[AMB Property Corporation]]
*[[Amcon Allied Equity Holdings]]
*[[Ameriprise Financial]]
*[[AMP Capital Investors]]
*[[de Spoelberch Family]]
*[[Aozora Bank]]
*[[Apax Partners]]
*[[Apex Capital Management]]
*[[Apollo Global Management]]
*[[Apple Inc.|Apple]]
*[[Arcapita]]
*[[Arch Capital Group]]
*[[Archangel Diamond Corporation]]
*[[Arison Group]]
*[[Artal Group]]
*[[Ärztekammer Westfalen Lippe]]
*[[Atomico]]
*[[Audley Capital Advisors]]
*[[Avenue Capital Group]]
*[[Avery Dennison Corporation]]
*[[AVIVA]]
*[[AXA Group]]
*[[Babcock & Brown]]
*[[Balderton Capital]]
*[[Ball Corporation]]
*[[Baloise Group]]
*[[Banca Delle Marche Group]]
*[[Banca Popolare Dell'Emilia Romagna]]
*[[Banco Bradesco]]
*[[Banco Itaú]] (now Itaú Unibanco)
*[[Banque Martin Maurel]]
*[[Baring Private Equity Asia]]
*[[Bayerische Landesbank]]
*[[BAYTEX Energy Corp]]
*[[BC Partners]]
*[[Belfor]]
*[[Bjarne Borg]]
*[[Blackstone Group]]
*[[Bluebay]] (now Royal Bank Of Canada)
*[[BNP Paribas]] / [[Crédit Agricole]]
*[[Boston Consulting Group]]
*[[Bridgepoint]]
*[[Brookfield Asset Management]]
*[[Bucher Industries Group]]
*[[Burberry Group]]
*[[Cargill]]
*[[Carlyle Group]]
*[[Catalyst Investment Managers]]
*[[CB Richard Ellis Group]]
*[[Centerbridge Partners]]
*[[Charterhouse Capital Partners]]
*[[Chateau De Berne]]
*[[Cheyne Capital Management]]
*[[China Petrochemical Corporation (Sinopec)]]
*[[China Yunnan Metallurgical Group]]
*[[CIRCOR]]
*[[CITCO]]
*[[Citigroup]]
*[[Cliffs Natural Resources]]
*[[CNP Assurances]]
*[[Coach]]
*[[Commerzbank AG]]
*[[Companhia Brasileira De Distribuição]]
*[[COMPASS Group]]
*[[Cordea Savills]]
*[[Covidien Group]]
*[[Credit Suisse]]
*[[Damovo Group]]
*[[Dawnay, Day & Co.]]
*[[Dean Foods]]
*[[Delff Management]]
*[[Developers Diversified Realty Corporation]]
*[[DNB Nor Group]]
*[[Doughty Hanson]]
*[[Draper Fisher Jurvetson]]
*[[DST Systems]]
*[[State Street Group]]
*[[Dubai International Capital]]
*[[DUET Group]]
*[[Dyson]]
*[[EFG Group]]
*[[EMULEX]]
*[[Encore Consumer Capital]]
*[[Englefield Capital]] (now Bregal Capital)
*[[EQT]]
*[[Equity Trust]] (now Doughty Hanson)
*[[ESO Capital Group]]
*[[Eurohold]]
*[[European Property Investors]]
*[[EUSA Pharma]] (now Jazz Pharmaceuticals)
*[[EVRAZ Group]]
*[[Experian]]
*[[Fairfax Financial Holdings]]
*[[FedEx Corp]]
*[[Fidelity]]
*[[Field Point Group]]
*[[Financière Lafayette]]
*[[Finmeccanica Group]]
*[[Fonciere Inea]]
*[[Foresight Group]]
*[[Foster Wheeler]]
*[[Foyer Group]]
*[[FREO Group]]
*[[Friends Provident]]
*[[Fung Group]]
*[[Future Fund]]
*[[G.J. Hannink]]
*[[Gategroup]]
*[[Gazprom]]
*[[GE Group]]
*[[Government Of The Emirate Of Abu Dhabi]]
*[[Gigamedia Limited Group]]
*[[Gildemeister Group]]
*[[Glanbia]]
*[[GlaxoSmithKline]]
*[[Golden Gate Capital]]
*[[Golding Capital Partners]]
*[[Goodman Group]]
*[[Graymont Group]]
*[[Great Atlantic & Pacific Tea Company]]
*[[Groupe Caisse D'Epargne]] / [[Groupe Banque Populaire]]
*[[Groupe LCF Rothschild]] (now Groupe Edmond De Rothschild)
*[[Groupe Rothschild]]
*[[Gruppo Banca Sella]]
*[[Guardian Media Group]]
*[[Harbinger Group]]
*[[Hauck & Aufhauser]]
*[[Health Alliance Group]]
*[[Heinz]]
*[[Henderson Group]]
*[[HG Capital]]
*[[Hideal Partners]]
*[[Highland Capital Partners]]
*[[Hines]]
*[[HNA Group]]
*[[Home Credit Group]]
*[[HSBC]]
*[[Hutchison Group]]
*[[Hypo Real Estate Group]]
*[[IAM]]
*[[ICAP]]
*[[Iceberg Qapital]]
*[[IK Investment Partners]]
*[[IKEA]]
*[[Informa]]
*[[Intelsat]]
*[[Intergenia]]
*[[International Flavors & Fragrances]]
*[[Intesa Sanpaolo Group]]
*[[Investcorp]] / [[Barclays]]
*[[IVG Immobilien]]
*[[J Chahine Capital]]
*[[J.C. Flowers]]
*[[Jardine Matheson Group]]
*[[JER Partners]]
*[[Jones Lang Lasalle]]
*[[J.P. Morgan]]
*[[Julius Baer Group]]
*[[Kaupthing Bank]] (now Arion Banki)
*[[KBL Lombard International Assurance]]
*[[King Street Capital Management]]
*[[Knight Business]]
*[[Kohler]]
*[[Landesbank Baden-Württemberg]]
*[[Langres Investment Limited]]
*[[Lehman Brothers]]
*[[Li Family Trusts]]
*[[Lion Capital]]
*[[Livingstone Brothers]]
*[[Lombard Odier]]
*[[Lubrizol]] (now Berkshire Hathaway)
*[[LVMH Moët Hennessy Louis Vuitton]]
*[[Macquarie Group]]
*[[Mark IV Industries]]
*[[Maus Freres]]
*[[McGraw-Gill Companies]]
*[[Mercapital]] (now N+1 Group)
*[[Merrill Lynch]]
*[[SATPO Group]]
*[[METTLER-TOLEDO]]
*[[Meyer Bergman]]
*[[Millipore]]
*[[Montagu]]
*[[Moorfield Group]]
*[[MYLAN]]
*[[Navistar]] / [[Caterpillar]]
*[[New Gulf Engineering]]
*[[Nikko Cordial Securities]] (now SMBC Nikko Securities)
*[[Nippon Sheet Glass]]
*[[Nordic Capital]]
*[[Nordson]]
*[[Northern & Shell]]
*[[Oaktree Capital Management]]
*[[Office Depot]]
*[[Olayan Investments Company Establishment]]
*[[Olympus Capital Asia]]
*[[Pacific Century Group]]
*[[PALA Investments]]
*[[Palamon Capital Partners]]
*[[Paloma Industries]]
*[[Panorama Capital]]
*[[Paul Capital]]
*[[Pepsi Bottling Group]]
*[[Permira]]
*[[Perry Capital]]
*[[Procter & Gamble]]
*[[Prospector Offshore Drilling]]
*[[Providence Equity Partners]]
*[[Prudential]]
*[[Public Sector Pension Investment Board]]
*[[QUAD-C Partners]]
*[[Quilvest]]
*[[Ramius]]
*[[Reckitt Benckiser]]
*[[Reso]]
*[[RMK Timberland Group]]
*[[Rockspring]]
*[[Rosebud Real Estate]]
*[[ROWAN Companies]]
*[[Rubus International]]
*[[Sanpaolo Group]] (now Intesa Sanpaolo Group)
*[[SBERBANK]]
*[[SCHAWK]]
*[[Schroders]]
*[[Ship Trust]] / [[Tree Trust]]
*[[Shire]]
*[[Signa]]
*[[SISK Group]]
*[[Skandinaviska Enskilda Banken]]
*[[SOCFIN]]
*[[Société D'administration Et De Gestion Atlantas SAGA]]
*[[Sportfive Group]]
*[[SR Technics]]
*[[Stabilus]]
*[[STAPLES]]
*[[STAR Capital Partners]]
*[[Starwood Capital]]
*[[Sun Capital]]
*[[Swire Group]]
*[[SYKES Enterprises]]
*[[TDR Capital]]
*[[Tele Columbus]]
*[[Tele2 Group]]
*[[Temenos Group]]
*[[TEVA Pharmaceutical Industries]]
*[[The Heesen Family]]
*[[Tiger Global Management]]
*[[Tiger Partners]]
*[[Timberland]]
*[[TINICUM]]
*[[TITAN International]]
*[[TMD Friction]]
*[[Tower 2008 Charitable Trust]]
*[[Towerbrook Capital Partners]]
*[[Trafalgar Overseas]]
*[[Tyco Group]]
*[[UBI Banca]]
*[[UBM Group]]
*[[UBS]]
*[[Unibanco Brazil]] (now Itaú Unibanco)
*[[Unicorn Investment Bank]]
*[[Unicredit Group]]
*[[United America Indemnity]] (now Global Indemnity)
*[[United Technologies Corporation]]
*[[UPLINE Group]]
*[[Value-Call]]
*[[Vastned Offices]] / [[Industrial NV]]
*[[Verizon]]
*[[Vermilion Energy Trust]]
*[[Veronis Suhler Stevenson]]
*[[Vers.Werk Der Zahnärztekammer Westf. Lippe]]
*[[Vistec Electronic Beam Lithography Group]]
*[[Vitec Group]]
*[[Vitruvian Partners]]
*[[Viva Group]]
*[[VKGP]]
*[[Vodafone]]
*[[Volkswagen Group]]
*[[VTS Group]]
*[[Warner Chilcott]] (now Actavis)
*[[WE Group]]
*[[Weather Investments]]
*[[Weatherford International]]
*[[Wendel Group]]
*[[WGZ Bank]]
*[[White Mountains Insurance Group]]
*[[Wolseley]]
*[[Wynnchurch Capital]]
*[[X-rite]]
*[[Yamana Gold]]
*[[York Capital Management]]
}}


==External links==
==External links==

Revision as of 23:34, 13 November 2014

Luxembourg Leaks (sometimes shortened to Lux Leaks or LuxLeaks) is the name of a collaborative journalistic investigation, based on confidential tax agreements in Luxembourg, released via several European media in November 2014. The tax rulings were negotiated on behalf of numerous multinational corporations by PricewaterhouseCoopers and the Luxembourg government.[1] More than 340 companies worldwide used this method of tax avoidance through company-internal transactions, often ending up paying far less than 1% tax on corporate profits to Luxembourg, which would otherwise have been taxed at much higher rates in the countries were the actual economic activity occurred.[2]

There have been no allegations that the deals were illegal under the law of Luxembourg.[2] Some sources claim that Luxembourg's tax legislation was tailored to make such transactions legal.[3] The tax rulings may, however, violate national laws outside Luxembourg, where the companies have their headquarters. The European commission has started an examination of two cases: The tax rulings between the tax authorities of Luxemburg and Amazon and Fiat finance may be illegal subsidies and thus violate EU rules on state aid. Some months prior to the leak Luxembourg refused to provide the EU with information about its tax rulings.[4][5] The scale of the deals nurtured a scandal which reached media and politicians around the globe.[6]

It has been noted that the newly-installed President of the European Commission (at the time of the leak), Jean-Claude Juncker, is the very person who served as prime minister of Luxembourg during the time when many of the alleged deals were being set up. Shortly prior to the leaks, Juncker in a speech in Brussels in July 2014 promised to "try to put some morality, some ethics, into the European tax landscape".[2] In November 2014 Juncker defended his actions referring to both the efforts on the automatic exchange of information (AEoI) (covered as part of the Common_Reporting_Standard) and the Common Consolidated Corporate Tax Base (CCCTB) ([3]), as reported in an article in the Irish Times.[7]

Most of the leaked tax rulings were negotiated and approved by a single civil servant.[8][9][10]

List of companies about whom tax documents have been leaked

This is the list of companies as of 6 November 2014 whose Luxembourg private tax rulings and corporation tax returns have been leaked:[11]

References

  1. ^ http://www.irishtimes.com/business/economy/luxembourg-leaks-controversy-a-game-changer-1.1992650
  2. ^ a b c "Luxembourg tax files: how tiny state rubber-stamped tax avoidance on an industrial scale". The Guardian. Retrieved 12 November 2014.
  3. ^ http://blogs.wsj.com/briefly/2014/11/06/luxembourgs-tax-deals-at-a-glance/
  4. ^ European Commission, press release, State aid: Commission investigates transfer pricing arrangements on corporate taxation of Amazon in Luxembourg, 7 October 2014
  5. ^ Global Policy Forum, Luxembourg Leaks: Secret Tax Deals of Multinationals Exposed, November 6, 2014
  6. ^ "Carr, Wayne and Kelly (2014) ‘Lux Leaks’ Revelations Bring Swift Response Around World", November 6, 2014, International Consortium of Investigative Journalists [1]
  7. ^ "Mr Juncker yesterday underlined the Commission’s commitment to fighting tax evasion and avoidance, pledging to introduce automatic exchange of information [AEoI] rules for tax rulings offered by countries, and vowing to progress legislation on the controversial Common Consolidated Corporate Tax Base [CCCTB]." Lynch, Suzanne: "Juncker insists he acted within law on ‘Lux leaks’ agreements", Irish Times, 13 Nov. 2014 [2]
  8. ^ Süddeutsche Zeitung, Ärger im Steuer-Märchenland, Süddeutsche Zeitung, 6 November 2014
  9. ^ Norddeutscher Rundfunk, Deutsche Bank: Gewinne fließen um den Globus, 6 November 2014
  10. ^ Business-Friendly Bureaucrat Helped Build Tax Haven in Luxembourg, Wall Street Journal, 21 October 2014
  11. ^ http://www.businessinsider.com/full-list-every-company-named-in-the-luxembourg-secret-tax-deal-database-2014-11


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