Eu Opens In-Depth Probe Of Nike's Tax Deals In The NetherlandsSource: www.export-egypt.com 1/10/2019, Location: Africa |
|
|
|
|
|
The EU launched an in-depth probe into Nike's tax affairs in the Netherlands, following revelations in the "Paradise Papers" scandal that exposed low tax deals for multinationals.
The European Commission "will investigate carefully the tax treatment of Nike in the Netherlands, to assess whether it is in line with EU State aid rules," European Competition Commissioner Margrethe Vestager said in a statement.
The investigation will try to determine whether a series of tax agreements over almost a decade gave Nike an "unfair advantage over competitors" in the Netherlands, she added. The investigation will focus on two Dutch-based units of Nike that the EU suspects paid tax "that may not reflect economic reality", a statement said. The units -- Nike European Operations Netherlands BV and Converse Netherlands BV -- in fact employ more than 1,000 workers and are involved in sales and marketing throughout Europe, the Middle East and Asia, the EU said. As a result of five tax deals made with Dutch authorities, these companies largely skirted paying royalties in The Netherlands, significantly reducing Nike's taxable income since 2006. Revelations in 2017 against Nike were among the 13.4 million leaked documents known as the "Paradise Papers" which sparked an outcry about tax avoidance by multinationals and the world's super rich. The Netherlands has since tried to fight its reputation as a low tax hub for corporations, pledging in November to tighten rules on tax breaks for foreign firms after facing criticism from the EU for offering complicated schemes for multinationals. |
|
|
Financials and Investment News in Egypt >> |
 |
|||||
|
Egypt >> 11/21/2024 - An International Monetary Fund (IMF) mission led by Ivanna Vladkova Hollar wrapped up in-person discussions with Egyptian authorities in Cairo regardi...
|
Egypt >> 11/21/2024 - The Engineering Export Council of Egypt (EEC) revealed that engineering industry exports increased by 25.6 percent from January to September, reaching...
|
|
Egypt >> 11/20/2024 - Prime Minister Dr. Mostafa Madbouly held a meeting this morning at the government headquarters in the New Administrative Capital with Mr. Chang Won Sa...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouly, with Mahmoud Esmat, Minister of Electricity and Renewable Energy Minister, and Sultan Al Jaber, UAE Ministe...
|
|
Egypt >> 11/20/2024 - Egypt and Australia have seen a significant surge in their bilateral trade relationship, with the trade volume increasing from $270 million in 2015 to...
|
Egypt >> 11/20/2024 - Egyptian Prime Minister Moustafa Madbouli chaired the Cabinet’s weekly meeting in the New Administrative Capital.
The Cabinet is set to add... |
| Egypt Oil & Gas 1 >> 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 | 72 | 73 | 74 | 75 | 76 | 77 | 78 | 79 | 80 | 81 | 82 | 83 | 84 | 85 | 86 | 87 | 88 | 89 | 90 | |
