Monday, November 17, 2014

Luxemburg Leaks’ causes ‘Tax storm’ of government, media response

Newspaper front pages.Public officials across the globe reacted with swift condemnation and calls for reform following ICIJ’s investigation into secret tax deals between Luxembourg and hundreds of international corporations.

The New York Times said the revelations have sparked a “rising furor” in Europe. Reuters called the reaction a “tax storm.” Response has been especially intense in Brussels, where the European Commission has been seeking to eliminate tax havens within the European Union.

Reporting by ICIJ and its partners was based on a leak of 548 private tax rulings – also known as “comfort letters” – negotiated by accounting giant PricewaterhouseCoopers on behalf of more than 340 multinational corporations. The documents provided a road map into how corporations shave billions of dollars in taxes by routing profits through Luxembourg. 

At the center of the “Lux Leaks” controversy is Jean-Claude Juncker, new president of the European Commission. Juncker was Luxembourg’s prime minister at the time many of the country’s tax-avoidance rules were enacted.

To see more about the latest impacts and responses link to ICIJ.

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