Report: US companies seek tax deals in Luxembourg

AP News
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Posted: Dec 10, 2014 6:49 AM

LUXEMBOURG (AP) — A group of international journalists says leaked confidential documents show The Walt Disney Co., Koch Industries and other companies created a tangle of subsidiaries in Luxembourg that may have helped them slash the taxes they pay in the U.S. and Europe.

The International Consortium of Investigative Journalists on Wednesday named Disney and Koch Industries, an energy and chemical conglomerate, as among 35 big companies it said had been seeking secret tax deals in Luxembourg.

The journalists' group said it wasn't possible to know how much the companies might have saved on their U.S. tax bills without seeing confidential tax filings to the Internal Revenue Service.

In a previous report that rocked the European Union, the journalists said sweetheart tax deals had been secretly granted by Luxembourg to hundreds of companies.