European Commission to Examine Reports of Ikea Dodging $1.1 Billion in Taxes
On Saturday, the European commission stated that it will examine a report that claims Ikea, that Swedish, furniture company might have evaded _1billion in taxes between 2009 and 2014 using hostile tax strategies.
Green/EFA group commissioned a research that claims Ikea "structured itself to dodge _1bn in taxes over the last six years using onshore European tax havens." The European commission said on Saturday, it will examine the claims. Vanessa Mock, spokeswoman for the commission on financial services and tax affairs said "The commission has taken note of the report and its findings and will study it in detail."
In a statement, the Greens said, Ikea uses "a series of tax loopholes in different European countries, namely the Netherlands, Belgium and Luxembourg to avoid paying taxes." Tax invading issues have sent waves in the United States and Europe where companies use the technique of shifting royalties from their parent to a subsidiary in the countries with lower taxes. The companies establish headquarters in those countries with substantially low taxes like Ireland or Luxembourg and funnel most of the profits earned in European through those channels.
However, Ikea defended its tax management strategies saying, "Ikea Group is fully committed to manage its operations in a responsible and sustainable way and we pay our taxes in full compliance with national and international tax rules and regulations."
- LG Chem to supply battery cells for Tesla’s Model Y electric SUV in China
- GiG extends sports-betting partnership with North Macedonia casino operator KAK DOO Skopje
- Payment Options for Indian Bettors on Online Casinos Operating in India
- Ohio’s Mahoning Valley Race Course cancels live horse racing for 2 weeks after employee tests positive for Covid-19
- Arcimoto creates new Roadster model by chopping top off 3-wheeled e-car’s top