Wednesday, November 03, 2010

How cereal exporters fleece Argentina

Take a look at this article in Argentina's Pagina 12 newspaper, regarding large-scale tax minimisation on their international operations. The article is in Spanish, unfortunately, though a rough English web translation is available here.

We don't have time to do this story justice, for time reasons today, but it describes a presentation to Congress about how cereals companies have been skipping taxes -- 500 of them in the past year, it seems, declared no taxable profits at all. Large multinationals are involved, and a lot of the skulduggery - at least some of which appears to involve transfer pricing - involves the nearby secrecy jurisdiction of Uruguay. Convictions of officials involved are due.

More details are here, with English web translation here.

We hope to provide a less breathless, more considered summary soon. (Thanks to Frederico Arenoso.)

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