By Aiofie White (Bloomberg BNA)
McDonald's Corp. shrugged off Brexit by announcing plans to switch its non-U.S. tax base to the U.K., ditching Luxembourg, where its fiscal arrangements are under attack from European Union regulators.
In an apparent vote of confidence in the U.K., the company said Dec. 8 it is creating a new international holding company based in Britain, which decided in June to quit the EU. The new company will be responsible for most of the royalties received from licensing McDonald's intellectual property rights outside the U.S. It will pay U.K. corporate tax, according to an e-mailed statement.
by William Hoke (Tax Notes)
Despite widespread outrage prompted by the disclosures in 2014 of the LuxLeaks tax rulings granted by Luxembourg authorities to multinational companies, the number of sweetheart deals entered into by the Grand Duchy and other European countries has increased by 160 percent from 2013 through 2015, a nongovernmental organization said in a report issued December 7.
by Joe Kirwin (Bloomberg BNA)