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| Disney and Skype 'used Luxembourg tax breaks' | Disney and Skype 'used Luxembourg tax breaks' |
| (35 minutes later) | |
| Companies including Disney and Skype have allegedly used Luxembourg tax breaks, according to fresh leaks published by investigative journalists. | Companies including Disney and Skype have allegedly used Luxembourg tax breaks, according to fresh leaks published by investigative journalists. |
| The group of firms funnelled hundreds of millions of dollars in profits through Luxembourg subsidiaries, according to leaked documents. | The group of firms funnelled hundreds of millions of dollars in profits through Luxembourg subsidiaries, according to leaked documents. |
| Disney said the arrangement had "not meaningfully affected the taxes we pay". | Disney said the arrangement had "not meaningfully affected the taxes we pay". |
| Microsoft, which owns Skype, said it "adheres carefully" to laws. | Microsoft, which owns Skype, said it "adheres carefully" to laws. |
| The European Commission is already conducting an inquiry into a number of companies' tax arrangements. | The European Commission is already conducting an inquiry into a number of companies' tax arrangements. |
| Commission chief and Luxembourg ex-prime minister Jean-Claude Juncker "remains committed to the fight against tax evasion and to his presidency," a Commission spokesperson said. | Commission chief and Luxembourg ex-prime minister Jean-Claude Juncker "remains committed to the fight against tax evasion and to his presidency," a Commission spokesperson said. |
| Mr Juncker has previously denied allegations he encouraged tax avoidance when he was Luxembourg's prime minister. | Mr Juncker has previously denied allegations he encouraged tax avoidance when he was Luxembourg's prime minister. |
| Fresh additions to the thousands of so-called Luxleaks documents were published on Wednesday in a report by the International Consortium of Investigative Journalists (ICIJ). | Fresh additions to the thousands of so-called Luxleaks documents were published on Wednesday in a report by the International Consortium of Investigative Journalists (ICIJ). |
| Lower rates | Lower rates |
| Documents relating to 35 new companies including Disney, Koch Industries, Skype and Hutchison Whampoa were added to data on hundreds of firms. | |
| In some cases, companies enjoyed tax rates of less than 1% on profits moved into the country. | In some cases, companies enjoyed tax rates of less than 1% on profits moved into the country. |
| Disney established an inter-company bank in Luxembourg which then extended high-interest loans to operating affiliates in countries such as France, reducing their taxable income, the ICIJ said. | |
| Disney said: "The report is deliberately misleading, Disney's global tax rate has averaged 34% over the last five years. The ruling has not meaningfully affected the taxes we pay in any jurisdiction globally." | |
| Microsoft said: "Microsoft's acquisition of Skype was finalised in October 2011, so we can only speak to activities after that date. Post-acquisition, we reviewed and modified Skype's business model as part of the integration process. | |
| "As a global business, Microsoft adheres carefully to the laws and regulations of every country in which we operate." | |
| Koch said: "Koch companies conduct their business lawfully and they pay taxes in accordance with applicable laws." | |
| Luxleaks has now included documents prepared by all of the Big Four accountancy firms: PricewaterhouseCoopers (PwC), EY, Deloitte and KPMG. | Luxleaks has now included documents prepared by all of the Big Four accountancy firms: PricewaterhouseCoopers (PwC), EY, Deloitte and KPMG. |
| EY said that it "safeguards confidential client information" and provides "tax advice to clients in accordance with national and international law". | EY said that it "safeguards confidential client information" and provides "tax advice to clients in accordance with national and international law". |
| "Professional standards, as well as privacy laws, require that EY safeguards confidential client information. | "Professional standards, as well as privacy laws, require that EY safeguards confidential client information. |
| "We take these obligations very seriously and fully investigate any breach of confidentiality. | "We take these obligations very seriously and fully investigate any breach of confidentiality. |
| "Client confidentiality means that we are unable to comment on individual cases." | "Client confidentiality means that we are unable to comment on individual cases." |