DodoFinance Breaking News Made For You!
Viacom CBS, an American media company, has avoided at least $ 4 billion in profit tax for about a decade and a half through deals with Dutch tax authorities. The Research Foundation for Multinational Companies (SOMO) said this after its own research.
Many of Viacom CBS’s programs, known from channels such as Nickelodeon and MTV, are made in the United States. But broadcasting rights have been transferred to countries with favorable tax rules, such as the Netherlands, Luxembourg, Barbados and Bermuda. As a result, the US government is losing a lot of tax revenue.
Between 2002 and 2019, according to Somo estimates, the company passed $ 32.5 billion in revenue through Dutch route companies. Thus the Netherlands will play an important role in the international tax structure of the company. Viacom CBS has not yet commented on the report.
There has been a lot of discussion about tax evasion by big multinationals for some time. The European Commission recently announced that it would introduce a bill this year to combat the abuse of letterbox companies. The Netherlands has a reputation for letterbox companies. In 2019, the European Court of Justice condemned the Netherlands and Luxembourg as countries that would change funds. According to the Netherlands Bank (DNP), in 2018 there were 12,000 holding and finance companies owned by foreign multinationals in the Netherlands, excluding non-financial production and employment. The government is already taking additional steps to combat tax evasion through letterbox companies.
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